Oil prices climb as COVID recovery, power generators stoke demand

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Reuters

By Noah Browning LONDON (Reuters) – Oil prices hit multi-year highs on Monday buoyed by recovering demand and high natural gas and coal prices encouraging users to switch to fuel oil and diesel for power generation. Brent crude oil futures were up 93 cents, or 1.1%, to $85.79 a barrel by 1100 GMT, after hitting $86.04, their highest level since October 2018. U.S. West Texas Intermediate (WTI) crude futures climbed $1.35, or 1.6%, to $83.63 a barrel, after hitting $83.73, their highest since October 2014. Both contracts rose by at least 3% last week. “Easing restrictions around the world are li…

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