Brent crude at $85 as energy crisis stokes demand
Brent crude climbed above $85 a barrel in UK for the first time since 2018, the latest milestone in a global energy crisis that has seen prices soar.
Brent crude passed the key level in intraday trading on Friday, while US crude futures also advanced. The shortage of gas and coal is triggering extra demand for oil products from the power market, and some banks expect the switch to boost prices further during winter in the northern hemisphere. It’s also starting to deplete stockpiles. Brent is set for a sixth straight weekly gain in the wake of robust demand and limited supply. China also issued a long-awaited new batch of quotas for its private refiners to buy more crude, further pushing up consumption
