Oil Prices Hit Multiyear Highs. The Industry Isn’t Reacting as History Expects

Oil Prices Hit Multiyear Highs. The Industry Isn’t Reacting as History Expects
·2 min read

Oil prices climbed to multiyear highs on Monday but there are no signs of the industry ramping up spending in response. Increased demand amid the global Covid recovery has contributed to rising oil prices. U.S. West Texas Intermediate futures climbed to $83.85 per barrel, their highest level since October 2014, while Brent crude oil futures touched three-year highs above $86 per barrel at one point on Monday.

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