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Oil prices climb to highest in years as COVID recovery, power generators stoke demand

From channelnewsasia.com

Oil prices hit their highest in years on Monday as demand continues its recovery from the COVID-19 pandemic, boosted by more custom from power generators turning away from expensive gas and coal to fuel oil and diesel. Brent crude oil futures rose 87 cents, or 1per cent, to US$85.73 a barrel by 0111 GMT, the highest price since October 2018.U.S. West Texas Intermediate (WTI) crude futures climbed US$1.12, or 1.4per cent, to US$83.40 a barrel, highest since October 2014. Both contracts rose by at least 3per cent last week. "Easing restrictions around the world are likely to help the recovery in fuel ... (full story)

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  • Category: Fundamental Analysis