Oil prices reversed early losses to extend gains on Tuesday into a fourth day amid a rebound in global demand that is contributing to energy shortages in major economies.
Brent crude was up 21 cents or 0.3% at $83.86 a barrel at 0632 GMT, the highest in three years, after rising 1.5% on Monday.
U.S. oil gained 13 cents or 0.2% to $80.65 a barrel, a seven-year high, having also gained 1.5% in the previous session.
Crude oil is being “swept up in the broader rally across the energy sector,” said James Whistler, global head of energy derivatives at SSY in Singapore. “High gas and coal prices are raising the prospect of more switching to oil for power generation.”
Switching to oil from natural gas for power production may boost global demand for crude by between 250,000 to 750,000 barrels per day, analysts have estimated.
Power prices have risen to records in recent weeks, driven by energy shortages in Asia, Europe and the United States.
In China, where major industrial regions are grappling with the power shortages, the government on Tuesday announced it would fully liberalise the country’s thermal power market.
via Reuters
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