Oil prices hit highest levels in years

Shortages of natural gas, coal from Asia to Europe are driving additional demand for oil products in power generation.

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.

Shortages of natural gas and coal from Asia to Europe are driving additional demand for oil products in power generation. That has coincided with key economies rebounding from the pandemic, leading to a significant tightening of the market.

Brent crude oil futures rose 90 cents, or 1.1 percent, to $85.76 a barrel by 0445 GMT, after hitting a session high of $86.04, the highest price since October 2018.