Oil prices climb as COVID recovery, power generators stoke demand | Reuters

Oil prices climb as COVID recovery, power generators stoke demand | Reuters

Oil prices hit their highest level in years on Monday as demand recovers from the COVID-19 pandemic, boosted by more custom from power generators turning away from expensive gas and coal to fuel oil and diesel.

Brent crude oil futures rose 63 cents, or 0.7%, to $85.49 a barrel by 0645 GMT, after hitting a session-high of $86.04, the highest price since October 2018.

U.S. West Texas Intermediate (WTI) crude futures climbed 95 cents, or 1.2%, to $83.23 a barrel, after hitting a session-high of $83.73, highest since October 2014.

Both contracts rose by at least 3% last week.