Crude Oil Price tops $80 a Barrel for the First Time in Seven Years

A global shortage of gas and soaring gas prices have further boosted the rally in oil prices, amid signs that some energy users are switching to burning oil as it is now cheaper than gas.
Brent Crude Oil

The price of crude oil tops $80 a barrel for the first time in seven years.

Brent crude, the global benchmark price, was trading up 2.2 percent at $84.20 a barrel, the highest since October 2018.

U.S. West Texas Intermediate (WTI) crude rose $1.69, or 2.1%, to $81.03, after touching its highest since late 2014 at $82.18.

A global shortage of gas and soaring gas prices have further boosted the rally in oil prices, amid signs that some energy users are switching to burning oil as it is now cheaper than gas.

Analysts have estimated that switching from natural gas to oil could add anywhere from 250,000 to 750,000 barrels per day of crude demand.

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