Oil nears three-year high on energy crunch fears
Oil prices steadied after whipsawing in a volatile session on Tuesday, as traders weighed the effect that higher energy costs could have on the global economic recovery.
Brent crude settled 23 cents lower at $83.42 per barrel. It earlier hit a high of $84.23 a barrel and a low of $82.72 a barrel. On Monday it hit $84.60, its highest since October 2018.
U.S. oil futures settled 12 cents higher at $80.64 per barrel, after ranging between $81.62 and $79.47.
Authorities from Beijing to Delhi scrambled to fill a yawning power supply gap on Tuesday, roiling global stock and bond markets on worries that rising energy costs will stoke inflation.
Power prices have surged to record highs in recent weeks, driven by shortages in Asia and Europe, with an energy crisis in China expected to last through year end, crimping growth in the world’s second-largest economy and top exporter.
In London and southeast England, a tenth of fuel stations remained dry panic fuel buying last month, the Petrol Retailers Association said.
Reference: CNBC
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