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Global energy crunch: Oil prices soar above $80 for first time in 3 years

Natural gas and coal prices rally to record peaks as traders brace for winter crunch

(Photo: Bloomberg)
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Oil’s latest upswing has come with a flurry of bullish price predictions from banks and traders, forecasts for surging demand this winter, and speculation the industry isn’t investing enough to maintain supplies. (Photo: Bloomberg)

Alex Longley & Anthony Di Paola | Bloomberg
Brent oil roared above $80 a barrel, the latest milestone in a global energy crisis, on signs that demand is running ahead of supply and depleting inventories.
 
The international crude benchmark hit the highest since October 2018, before paring some earlier gains to trade close to $80. West Texas Intermediate also climbed.
 
Oil’s latest upswing has come with a flurry of bullish price predictions from banks and traders, forecasts for surging demand this winter, and speculation the industry isn’t investing enough to maintain supplies.
 
The jump to $80 is adding inflationary pressure to the global economy at

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First Published: Sep 29 2021 | 1:38 AM IST

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