{"id":59847,"date":"2021-10-12T08:59:06","date_gmt":"2021-10-12T13:59:06","guid":{"rendered":"https:\/\/olduvai.ca\/?p=59847"},"modified":"2021-10-12T08:59:06","modified_gmt":"2021-10-12T13:59:06","slug":"oil-settles-up-1-5-hits-multi-year-highs-on-surging-demand","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=59847","title":{"rendered":"Oil settles up 1.5%; hits multi-year highs on surging demand"},"content":{"rendered":"<header>\n<div class=\"ArticleHeader__container___3rO4Ad\">\n<div class=\"ArticleHeader__heading___3ibi0Q\">\n<h3 class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__medium___1ocDap Text__heading_2___sUlNJP Heading__base___1dDlXY Heading__heading_2___3f_bIW\"><a href=\"https:\/\/www.reuters.com\/business\/energy\/oil-gains-energy-demand-rises-wti-tops-80-2021-10-11\/?utm_campaign=trueAnthem%3A%20Trending%20Content&amp;utm_medium=trueAnthem&amp;utm_source=facebook&amp;fbclid=IwAR3-jiOjORsbT3aOFQEwgsVeC2rtlC7NNq8q-cZqyYAizLCVqI7B0wDr1wU\">Oil settles up 1.5%; hits multi-year highs on surging demand<\/a><\/h3>\n<\/div>\n<\/div>\n<\/header>\n<div>\n<div class=\"ArticleBody__container___D-h4BJ\">\n<div class=\"ArticleBody__primary-asset___Hw1EAg\" data-testid=\"primary-video\">\n<div class=\"VideoPlayer__container___1ZKDQv\">\n<div class=\"VideoPlayer__floating-container___3ihtDa VideoPlayer__floating___14IhZV\">\n<div class=\"VideoPlayer__player-container___Dm5jkd VideoPlayer__floating___14IhZV\">\n<div class=\"VideoPlayer__video-container___yQayej\">\n<div class=\"VideoPlayer__inner___1rbVgH\">\n<div id=\"player-1\" class=\"jwplayer jw-reset jw-state-playing jw-stretch-uniform jw-flag-aspect-mode jw-breakpoint-1 jw-floating-dismissible jw-flag-small-player jw-flag-user-inactive\" tabindex=\"0\" role=\"application\" aria-label=\"Video Player\" aria-describedby=\"jw-shortcuts-tooltip-explanation\">\n<div class=\"jw-wrapper jw-reset\">\n<div class=\"jw-controls jw-reset\">\n<div class=\"jw-controlbar jw-reset\">\n<div class=\"jw-reset jw-button-container\">\n<div class=\"jw-icon jw-icon-inline jw-button-color jw-reset jw-icon-cc jw-settings-submenu-button\" tabindex=\"0\" role=\"button\" aria-label=\"Closed Captions\" aria-controls=\"jw-settings-submenu-captions\">\n<div class=\"jw-reset-text jw-tooltip jw-tooltip-captions\" dir=\"auto\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p><strong><button class=\"CloseButton__close___QofvOP VideoPlayer__close___2UtExM\" title=\"Close\" type=\"button\" aria-label=\"Close\"><\/button>Oil prices surge, adding to global energy crunch<\/strong><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"ArticleBody__content___2gQno2 paywall-article\">\n<p class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\" data-testid=\"paragraph-0\">BENGALURU, Oct 11 (Reuters) &#8211; Oil prices jumped on Monday to the highest levels in years, fuelled by rebounding global demand that has contributed to power and gas shortages in key economies like China.<\/p>\n<p class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\" data-testid=\"paragraph-1\">Brent crude rose $1.26, or 1.5%, to settle at $83.65 a barrel. The session high was $84.60, its highest since October 2018.<\/p>\n<p class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\" data-testid=\"paragraph-2\">U.S. West Texas Intermediate (WTI) crude gained $1.17, or 1.5%, to settle at $80.52, after touching its highest since late 2014 at $82.18.<\/p>\n<p class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\" data-testid=\"paragraph-3\">The pace of economic recovery from the pandemic has supercharged energy demand at a time when oil output has slowed due to cutbacks from producing nations during the pandemic, focus on dividends by oil companies and pressure on governments to transition to cleaner energy.<\/p>\n<div class=\"SpacingContainer__container___2kvuUN SpacingContainer__max-width___1aBoiA\">\n<div class=\"AdSlot__container___vv9J1U\">\n<div class=\"AdSlot__inner___1TrdcP\">\n<div>\n<div id=\"reuters_desktop_native_1\" class=\"AdSlot__slot___1GI9_W\">A U.S. administration official on Monday said the White House stands by its calls for oil-producing countries to &#8220;do more&#8221; and they are closely monitoring the cost of oil and gasoline. <a class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__medium___1ocDap Text__large___1i0u1F Link__underline_default___MkI7S8\" href=\"https:\/\/www.reuters.com\/business\/energy\/white-house-stands-by-calls-opec-do-more-oil-prices-official-2021-10-11\/\">read more<\/a><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\" data-testid=\"paragraph-5\">The Organization of the Petroleum Exporting Countries and allies, together known as OPEC+, have held back from boosting supply even as prices have risen. In July, the group agreed to boost output by 400,000 bpd to restore the 5.8 million bpd in supply curbs left from its 2020 deal to cut production in the wake of the coronavirus outbreak.\u00a0<a class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__medium___1ocDap Text__large___1i0u1F Link__underline_default___MkI7S8\" href=\"https:\/\/www.reuters.com\/business\/energy\/opec-caution-money-behind-reluctance-pump-more-oil-sources-2021-10-06\/\">read more<\/a><\/p>\n<figure class=\"ArticleImage__figure___3YPsEY ArticleBody__element___3UrnEs\" data-testid=\"image-0\">\n<div class=\"StatefulImage__container___3eKU7h StatefulImage__light___q8woox ArticleImage__image___GfaP0M\">\n<div class=\"StatefulImage__image___zY1d5b\">\n<div class=\"Image__container___pml_bK Image__fill___2_lCdK Image__transition___1jK0Xa Image__lock-ratio___s5qTP6\"><img decoding=\"async\" class=\"Image__image___6wPcid\" draggable=\"false\" src=\"https:\/\/cloudfront-us-east-2.images.arcpublishing.com\/reuters\/DE4XA7TXY5MEZAEGVE4ZQ47ZCU.jpg\" sizes=\"640px\" srcset=\"https:\/\/www.reuters.com\/resizer\/m2Xfs0PMc1aPAFLrpl3nRYQ14XM=\/480x0\/filters:quality(80)\/cloudfront-us-east-2.images.arcpublishing.com\/reuters\/DE4XA7TXY5MEZAEGVE4ZQ47ZCU.jpg 480w,https:\/\/www.reuters.com\/resizer\/QUWjwgzCRUghzyLw9e8nsavR5uc=\/960x0\/filters:quality(80)\/cloudfront-us-east-2.images.arcpublishing.com\/reuters\/DE4XA7TXY5MEZAEGVE4ZQ47ZCU.jpg 960w,https:\/\/www.reuters.com\/resizer\/mi1wLgZ2d9co5EwkAqMXt5INfq4=\/1920x0\/filters:quality(80)\/cloudfront-us-east-2.images.arcpublishing.com\/reuters\/DE4XA7TXY5MEZAEGVE4ZQ47ZCU.jpg 1920w\" alt=\"Pipelines run to Enbridge Inc.'s crude oil storage tanks at their tank farm in Cushing, Oklahoma, March 24, 2016. REUTERS\/Nick Oxford\" \/><\/div>\n<\/div>\n<\/div><figcaption class=\"Text__text___3eVx1j Text__medium-grey____X3zmS Text__regular___Bh17t- Text__small___MoVgdT Body__base___25kqPt Body__caption___1g8_ry ArticleImage__figcaption___2BB5sN\">Pipelines run to Enbridge Inc.&#8217;s crude oil storage tanks at their tank farm in Cushing, Oklahoma, March 24, 2016. REUTERS\/Nick Oxford<\/figcaption><\/figure>\n<p class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\" data-testid=\"paragraph-6\">Power prices have surged to record highs in recent weeks, driven by widespread energy shortages in Asia, Europe and the United States. Soaring natural gas prices have encouraged power generators to switch to oil.\u00a0<a class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__medium___1ocDap Text__large___1i0u1F Link__underline_default___MkI7S8\" href=\"https:\/\/www.reuters.com\/business\/energy\/gas-spike-set-squeeze-oil-market-users-switch-2021-10-07\/\">read more<\/a><\/p>\n<p class=\"Text__text___3eVx1j Text__dark-grey___AS2I_p Text__regular___Bh17t- Text__large___1i0u1F Body__base___25kqPt Body__large_body___3g04wK ArticleBody__element___3UrnEs\" data-testid=\"paragraph-7\">&#8220;Everything is very much focused on the lack of supply returning at a time when demand appears to be roaring back,&#8221; said Matt Smith, lead oil analyst at Kpler.<\/p>\n<p>\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Oil settles up 1.5%; hits multi-year highs on surging demand Oil prices surge, adding to global energy crunch BENGALURU, Oct 11 (Reuters) &#8211; Oil prices jumped on Monday to the highest levels in years, fuelled by rebounding global demand that has contributed to power and gas shortages in key economies like China. Brent crude rose [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3],"tags":[31951,265,589,592,683],"class_list":["post-59847","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-brijesh-patel","tag-energy-crisis","tag-oil-demand","tag-oil-price","tag-reuters"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/59847","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=59847"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/59847\/revisions"}],"predecessor-version":[{"id":59848,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/59847\/revisions\/59848"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=59847"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=59847"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=59847"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}