Oil prices rally as IEA sees gas shortages boosting crude demand

World Oil | Oct 14, 2021 at 2:00 AM
  • Oil in New York surged past $81 a barrel after the International Energy Agency became the latest to say natural gas shortages are boosting demand for crude.
  • Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman reiterated the need for OPEC and its allies to take a gradual, phased approach to supply hikes.
  • Crude’s rally in recent months has been underscored by wider gains in energy prices.