Crude oil prices touched $80 a barrel for the first time since 2014 amid a global surge in energy prices as demand spurred by the economic recovery outstrips supply
Even with worldwide demand growing as economic activity rebounds from pandemic lows, the Organization of the Petroleum Exporting Countries and allied producers this week said they would remain on the path of gradually bringing back production.
West Texas Intermediate crude rose $1.05, or 1.3%, to end at $79.35. That was the highest close for the U.S. benchmark since Oct. 31, 2014.Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford/File Photo As energy markets have tightened in the face of improved fuel demand, many fear that a cold winter could further strain natural gas supplies. China ordered miners in Inner Mongolia to ramp up coal production to alleviate its energy crunch."As other energy prices like natural gas and coal keep pushing higher, upside risks to the oil market have started to build," said Bank of America's Christopher Kuplent.
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