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Oil prices climb as COVID-19 recovery, power generators stoke demand

October 18, 2021

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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 52 cents, or 0.6%, to $85.38 a barrel by 1352 GMT, after hitting $86.04, their highest level since October 2018.

U.S. West Texas Intermediate (WTI) crude futures climbed 87 cents, or 1%, to $83.15 a barrel, after hitting $83.73, their highest since October 2014.

Both contracts rose by at least 3% last week.

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