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Buoyed by power crunch, Brent crude oil crosses $86-mark

Brent crude oil futures were up 13 cents, or 0.15 per cent, to $84.73 a barrel at 9.00 pm ist, after hitting $86.04, their highest level since October 2018

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Photo: Reuters

Reuters London
Oil prices hit multi-year highs on Monday, buoyed by recovering demand and high natural gas and coal prices encouraging users to switch to fuel oil and diesel for power generation.
 
Brent crude oil futures were up 13 cents, or 0.15 per cent, to $84.73 a barrel at 9.00 pm ist, after hitting $86.04, their highest level since October 2018.
 
US West Texas Intermediate (WTI) crude futures climbed 22 cents, or 0.27 per cent, to $82.5 a barrel, after hitting $83.73, their highest since October 2014. Both contracts rose by at least 3 per cent last week.
 
“Easing

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First Published: Oct 19 2021 | 1:04 AM IST

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