Brent oil climbs to $86 per barrel

Brent oil climbs to $86 per barrel

Oil prices hit their highest level in years on Monday as demand recovers from the COVID-19 pandemic, boosted by more custom from power generators turning away from expensive gas and coal to fuel oil and diesel.

Brent crude oil futures rose 90 cents, or 1.1%, to $85.76 a barrel by 0445 GMT, after hitting a session-high of $86.04, the highest price since October 2018.

U.S. West Texas Intermediate (WTI) crude futures climbed $1.23, or 1.5%, to $83.51 a barrel, after hitting a session-high of $83.73, highest since October 2014.

Both contracts rose by at least 3% last week, Reuters reported.

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