WTI Crude Climbs to $85 a Barrel for the First Time Since 2014
(Bloomberg) -- West Texas Intermediate crude rose above $85 a barrel for the first time since 2014, another landmark in a global energy crunch that has seen prices soar.
Oil has jumped in recent weeks as natural gas prices hit records. The surge in gas could add at least 1 million barrels a day to oil demand, according to Goldman Sachs Group Inc., which sees global consumption on the cusp of returning to pre-pandemic levels. That comes as the Organization of Petroleum Exporting Countries and its allies are adding back output only gradually into a market where stockpiles are steadily declining.
The advance in oil prices is the latest leg higher in a surge in broader energy costs that is adding inflationary pressure to the global economy as policymakers begin to taper stimulus.
WTI futures rose as much as 1.5% to $85.04 a barrel at 8:23 a.m New York time. Brent also extended gains.
©2021 Bloomberg L.P.