Oil prices hit 7-year high, over $80 a barrel
Friday, October 15, 2021
Oil prices have increased 120% from a year ago and hit a 7-year high on Monday, according to The Hill.
American crude prices hit $81.50 a barrel Monday morning, dropped slightly to $81.15 midday and closed at $80.49. It’s the first time crude prices closed at more than $80 a barrel since October 2014.
According to The Wall Street Journal, an international natural gas shortage could soon extend into the oil market as some power plants may rely on oil to make up for the shortfall amid increased demands during the colder months.
American natural gas futures reached $6.31 per million British thermal units last Tuesday, the highest in nearly 13 years.
Learn more: The Hill > Oil trades above $80 a barrel, hitting a 7-year high
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