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Reuters

Oil prices reach multi-year highs on tight supply

Oil prices reached multi-year highs on Monday before steadying, as tight global supply and strengthening fuel demand in the United States and beyond supported prices. U.S. West Texas Intermediate (WTI) crude futures were unchanged at $83.76 a barrel after reaching $85.41 a barrel, the highest since October 2014. “The global energy supply crunch continues to show its teeth, as oil prices extend their upward march this week, a result of traders pricing in the ongoing rise in fuel demand – which amid limited supply response is depleting global stockpiles,” said Louise Dickson, senior oil markets analyst at Rystad Energy.

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