Oil rises for fourth day amid energy crunch
Oil prices reversed early losses to extend gains on Tuesday into a fourth day amid a rebound in global demand that is contributing to energy shortages in major economies.
Brent crude was up 21 cents or 0.3% at $83.86 a barrel at 0632 GMT, the highest in three years, after rising 1.5% on Monday.
U.S. oil gained 13 cents or 0.2% to $80.65 a barrel, a seven-year high, having also gained 1.5% in the previous session
Power prices have risen to records in recent weeks, driven by energy shortages in Asia, Europe and the United States.
In China, where major industrial regions are grappling with the power shortages, the government on Tuesday announced it would fully liberalise the country's thermal power market.
Thermal coal futures were also on the rise again with prices in China gaining more than 10%.
Higher energy prices are also adding to inflationary pressures in recovering economies. Japan's wholesale inflation was at a 13-year high in September, data showed on Tuesday.
Qatar, the world's biggest producer of liquefied natural gas (LNG), on Monday told customers it was unable to help take the spark out of energy prices and supply more fuel to the market.
Reference: Reuters
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