Oil edges up to new multi-year highs on short supply | Reuters
Oil prices edged up to fresh multi-year highs on Tuesday, supported by a global supply shortage and strong demand in the United States, the world's biggest consumer.
Brent futures rose 42 cents, or 0.5%, to $86.41 a barrel by 12:14 p.m. EDT (1614 GMT), while U.S. West Texas Intermediate (WTI) crude rose 95 cents, or 1.1%, to $84.71.
That puts both global benchmarks on track for their highest closes since October 2014.
"The energy crunch is still nowhere close to subsiding, so we expect prevailing strength in oil prices in November and December as supply lags demand and as OPEC+ stays on the sidelines," said Louise Dickson, senior oil markets analyst at Rystad Energy.
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