Oil gains from highest close since 2014 as US dollar falls

Oil continued its advance from the highest close in seven years as the US dollar fell and investors assessed the energy crunch roiling global markets.

The Brent crude benchmark rose 34 cents to $84.67 a barrel by 11:11 am EDT (8:41 IST). US West Texas Intermediate (WTI) futures rose 46 cents to $82.90 a barrel.

Prices have been climbing the last two months. Since the start of September, Brent has risen by about 18 per cent, while WTI has gained by around 21 per cent.

Crude has risen for the past eight weeks as the energy crisis — prompted by shortages of natural