Sharjah24 – Reuters: U.S. oil prices rose for a fifth day on Wednesday to their highest since 2014 amid global concerns about energy supply on signs of tightness in crude, natural gas and coal markets.
Brent crude prices also climbed for a fourth day on the supply anxiety, particularly after the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, decided on Monday to stay with their planned output increase rather than boosting it further.
U.S. West Texas Intermediate (WTI) oil earlier rose to $79.47 a barrel, the highest since November 2014. The market was up 0.53%, or 42 cents, at $79.35 a barrel, as of 0652 GMT.
Brent crude added 0.8%, or 66 cents, to $83.22 a barrel, trading near last session's three-year high.
On Monday, OPEC+ agreed to adhere to its July pact to boost output by 400,000 barrels per day (bpd) each month until at least April 2022, phasing out 5.8 million bpd of existing production cuts.
"Crude oil extended gains as investors fret about tightness in the market as the energy crisis hikes demand," ANZ said in a note.
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