Crude jumps on global energy crunch; U.S. oil at 7-year high | Reuters
Oil prices rose 2% on Monday, extending multiweek gains as an energy crisis gripping major economies shows no sign of easing amid a pick up in economic activity and restrained supplies from major producers.
Brent crude was up $1.62 cents, or 2%, at $84.01 a barrel by 0914 GMT, The highest level since October 2018.
U.S. oil rose $1.95, or 2.5%, at $81.30 a barrel, the highest since late 2014.
Prices have risen as more vaccinated populations are brought out of coronavirus lockdowns, supporting a revival of economic activity, with Brent advancing for five weeks and U.S. crude for seven.
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