Commodity News
HeadLine : U.S. oil rises to highest since 2014 amid global energy crunch
Date : Oct 6 2021
U.S. oil prices rose for a fifth day on Wednesday to their highest since 2014 amid global concerns about energy supply on signs of tightness in crude, natural gas and coal markets. Brent crude prices also climbed for a fourth day on the supply anxiety, particularly after the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, decided on Monday to say with their planned output increase rather than boosting it further. U.S. West Texas Intermediate (WTI) oil earlier rose to $79.18 a barrel, the highest since Nov. 10, 2014. The market was up 0.15%, or 12 cents, at $79.05 a barrel. Brent crude added 0.15%, or 12 cents $82.68 a barrel after rising to a three-year high in the previous session. On Monday, OPEC+ agreed to adhere to its July pact to boost output by 400,000 barrels per day (bpd) each month until at least April 2022, phasing out 5.8 million bpd of existing production cuts. Oil prices have surged more than 50% this year, adding to inflationary pressures that crude-consuming nations such as the United States and India are concerned will derail recovery from the COVID-19 pandemic. 

Source: Reuters
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