BENGALURU (Reuters) – Oil prices jumped on Monday to the highest levels in years, fuelled by rebounding global demand that has contributed to power and gas shortages in key economies like China. Power prices have surged to record highs in recent weeks, driven by widespread energy shortages in Asia, Europe and the United States. Soaring natural gas prices have encouraged power generators to switch to oil. The Chinese government ordered miners to ramp up coal production as power prices surged. Oil prices likely to continue to advance here in the near term,” said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois.

Source: MetroXpress October 11, 2021 04:30 UTC