Oil holds above $80 as IEA warns of volatility, higher prices
Oil held above $80 a barrel after a four-day advance as the global energy crisis fanned demand and the International Energy Agency warned of a spike in volatility and scope for higher prices.
West Texas Intermediate was steady after posting the highest close since October 2014 as the IEA said in a flagship report that the world was failing to invest in energy on the scale that’s needed to avoid sharp increases in fossil-fuel prices and at the same time escape catastrophic climate change.
In the physical market, Russian Sokol — a diesel-rich grade when refined — has hit the highest premium to benchmark prices since January 2020, according to traders and data compiled by Bloomberg.
