Oil prices are rising sharply as demand outstrips supply Jim Urquhart/Reuters Oil prices rose above $80 for the first time in three years on Tuesday during a global energy crunch. Analysts said investors were betting the natural gas shortage would drive up demand for oil. Oil supply shortages, particularly in the US after Hurricane Ida, were also adding to the squeeze. See more stories on Insider's business page. Brent crude, the benchmark global oil price, rose above $80 a barrel for the first time in three years on Tuesday, as supply shortages and a natural gas crunch rocked energy markets.The benchmark price rose as much as 1.7% to $80.75 a barrel before paring its gains slightly, according to Bloomberg prices.
Comment on Oil prices soar above $80 for the first time in 3 years as the natural gas shortage stokes demand
hrobertson@businessinsider.com (Harry Robertson), Business Insider
Tue, 09/28/2021 - 2:57am
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