Oil remains near multi-year highs as energy crunch continues
Oil rose on Tuesday and was near multi-year highs as an energy supply crunch continued across the globe, while falling temperatures in China revived concerns over whether the world’s biggest energy consumer can meet domestic heating needs.
The Brent crude benchmark was up 99 cents, or 1.2%, to $85.32 a barrel.
U.S. West Texas Intermediate (WTI) futures rose $1.27, or 1.5%, to $83.71 a barrel.
Prices have been climbing the last two months. Since the start of September, Brent has risen by about 19%, while WTI has gained around 22%.
Investors are awaiting data due later on Tuesday on U.S. crude and product inventories. U.S. crude stockpiles likely rose last week, while distillate and gasoline stocks were expected to fall, a preliminary Reuters poll showed on Monday.
Reference: CNBC
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