Oil holds above $80 as IEA warns of volatility, higher prices

Crude has surged this year as a rebound in activity from the pandemic has boosted consumption, depleting inventories

Oil held above $80 a barrel after a four-day advance as the global energy crisis fanned demand and the International Energy Agency warned of a spike in volatility and scope for higher prices.
 

West Texas Intermediate was steady after posting the highest close since October 2014 as the IEA said in a flagship report that the world was failing to invest in energy on the scale that’s needed to avoid sharp increases in fossil-fuel prices and at the same time escape catastrophic climate change.

In the physical market, Russian Sokol -- a diesel-rich grade when refined -- has hit the highest