Oil Prices Climb

Oil prices climbed above US$80 per barrel on Monday – the highest it’s been since 2014.

According to global energy analysts, conditions are in place for oil prices to be high as demand for energy is poised to get a boost from increased travel, with some destinations in Asia easing restrictions and the United States preparing to welcome vaccinated foreign visitors in November.

This, as a spike in the price of natural gas and coal is encouraging some energy suppliers to turn to oil for power generation.

Meanwhile, the Bank of America is warning a cold winter could lift Brent crude, the T&T crude benchmark, to $100 per barrel.

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