Oil Prices Surge on Global Energy Crunch, WTI Jumps $2 to $81.35

Oil prices in the U.S. were up $2 at $81.35/bbl, the highest since late 2014. WTI crude rose 4.6% through Oct. 8.

Aaron Sheldrick, Reuters

Oil prices surged again on Oct. 11, extending multiweek gains as an energy crisis gripping major economies shows no sign of easing amid a pick up in economic activity and restrained supplies from major producers.

Brent crude was up $1.20 cents, or 1.5%, at $83.59/bbl by 0656 GMT, after gaining nearly 4% last week. As of 3:16 a.m. CT, WTI oil futures in the U.S. was up $2 at $81.35/bbl, the highest since late 2014. U.S. crude rose 4.6% through Oct. 8.

Prices have risen as more vaccinated populations are brought out of coronavirus lockdowns, supporting a revival of economic activity, with Brent advancing for five weeks and WTI for seven.

Already have an account? Log In

Sign up for FREE access to view this article now!

Unlock Free Access