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Oil Soars to 2014 High With Market Bolstered by Resilient Demand

  • OPEC sees oil market supported by demand in monthly report
  • Goldman Sachs sees $100-a-barrel crude by the third quarter
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Oil Demand Could Hit All-Time High This Year: Blas
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Oil surged to the highest level in seven years as robust demand and strained supplies make physical markets run hot in the world’s largest consuming region.

Futures in New York closed up at $85.43 a barrel, the highest since October 2014. Traders are paying higher and higher premiums for cargoes in Asia, as fears fade over the demand impact from omicron, while supplies are tightened by a range of outages from Libya to North America. Meanwhile, a drone attack on oil facilities in the United Arab Emirates on Monday flared geopolitical risks.