Oil Prices Extend Gain amid Energy Crunch as Brent Crude Surpasses $84

Oil prices continued to surge on Monday as an energy shortage remained a major problem, especially in the countries with fast economic recovery from the Covid-19 pandemic.

As of 17:46 local time in Thailand on October 11, 2021, the international benchmark Brent crude rose 2.27% to $84.26 per barrel, while West Texas Intermediate reached $81.55 per barrel with a gain of 2.77%.

Global energy crunch shows no sign of easing as coal and gas prices also surged as well. China ordered coal miners to boost output amid shortage across the country, while heavy rains and flooding caused mine shutdowns, sending prices to a record high.