Brent oil was trading at $83.88 a barrel at 01:18 p.m. EDT (1718 GMT), up $1.49, or 1.8 percent, after touching a high of $84.60 earlier in the day. After reaching a high of $82.18 in late 2014, U.S. West Texas Intermediate (WTI) crude increased $1.69, or 2.1 percent, to $81.03.
The speed with which the economy has recovered from the pandemic, combined with the cold weather, has pushed up energy consumption at a time when governments are under pressure to speed up the shift to cleaner energy, which has hindered investment in oil projects. Even as prices have grown, the Organization of Petroleum Exporting Countries and its partners, known as OPEC+, have refrained from increasing supplies. Due to significant energy shortages in Asia, Europe, and the United States, power costs have risen to new highs in recent weeks. As gas costs rise, countries are increasingly turning to oil for electricity generation.
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