Oil Prices Spike as Easing COVID Restrictions Lead to Worldwide Surge In Demand

·1-min read

Oil prices hit record highs on Monday due to rising demand, Reuters reported.

The increase in prices is also due to the increase in prices of natural gas and coal, trends that have led to its users swapping natural gas and coal with oil and diesel in order to generate power.

While the price of oil in Brent crude (an oil market) touched $86, the highest since October 2018, United States West Texas Intermediate (WTI) crude hit $83.73 (a 1.1 percent increase), the highest since October 2014.

Also Read: India Makes Aatmanirbhar Plans For Palm Oil, But at Huge Cost to the Environment

"Easing restrictions around the world are likely to help the recovery in fuel consumption," according to analysts quoted by Reuters.

The increase in prices of crude oil is bound to hurt consumers in India, Mint reported.

It might also force the union government to either reduce fuel taxes or subsidise oil marketing companies, the report added.

(With inputs from Reuters and Mint.)

. Read more on World by The Quint.Oil Prices Spike as Easing COVID Restrictions Lead to Worldwide Surge In DemandAt Least 29 Hindu Homes Set on Fire in B’Desh Over an Alleged Blasphemous Post . Read more on World by The Quint.

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting