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Crude Closes Above $80 With Energy Crisis Boosting Demand

October 12, 2021

West Texas Intermediate crude closed above $80 a barrel for the first time since late 2014 as a growing power crisis from Europe to Asia boosts demand for oil ahead of winter.

U.S. crude futures advanced 1.5% on Oct. 11 in New York, while its global counterpart Brent rose closer to the $85-a-barrel mark. Prices of coal and natural gas have surged globally with stockpiles running low before the Northern Hemisphere winter, prompting some switching to oil products such as diesel and fuel oil.

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