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Oil prices rise 1.5% to hit multi-year highs on surging demand Updated: 2021-10-12 05:46:15 KST

Oil prices jumped to highs not seen in years on Monday, thanks to a rebound in global demand.
Brent crude rose 1.5 percent to 83 dollars 65 cents a barrel after earlier touching its highest point since October 2018.
U.S. West Texas Intermediate also topped 82 dollars, the highest its been since 2014.
This is due to economic recovery from the pandemic.
Oil output was been low following production cutbacks during the pandemic as well as governments' transition to green energy.
Energy shortages in Asia, Europe and the U.S. have further pushed up prices.
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