U.S. Crude Closes Above $80 With Energy Crisis Boosting Demand
- Citi says crude may hit $90 a barrel amid gas-to-oil switching
- U.S. likely to ask OPEC to pump more to ease crisis: IHS
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West Texas Intermediate crude closed above $80 a barrel for the first time since late 2014 as a growing power crisis from Europe to Asia boosts demand for oil ahead of winter.
U.S. crude futures advanced 1.5% on Monday in New York, while its global counterpart Brent rose closer to the $85-a-barrel mark. Prices of coal and natural gas have surged globally with stockpiles running low before the Northern Hemisphere winter, prompting some switching to oil products such as diesel and fuel oil.