NEW YORK CITY – West Texas Intermediate crude futures, the US oil benchmark, crossed $80/bbl on Friday for the first time since November 2014 as demand rebounds while supply remains tight, according to CNBC.
The US oil benchmark jumped more than 2% to trade as high as $80.09/bbl on Friday, before easing from that level and hovering around $79.70/bbl at 11:30 am on Wall Street. Brent crude, the international benchmark, advanced 1.7% to $83.32/bbl.
Oil prices have surged in recent days alongside a broader rally in commodities including natural gas and coal amid an energy crunch that’s sweeping Europe and Asia.
WTI is on track for its seventh straight positive week, its longest weekly winning streak since December 2013. For the year both WTI and Brent are now up more than 60%, CNBC reports.