Oil Prices Climb as COVID-19 Recovery, Power Generators Stoke Demand

Oil Prices Climb as COVID-19 Recovery, Power Generators Stoke Demand
General view of Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia on May 21, 2018. Ahmed Jadallah/Reuters
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LONDON—Oil prices hit multi-year highs on Monday buoyed by recovering demand and high natural gas and coal prices encouraging users to switch to fuel oil and diesel for power generation.

Brent crude oil futures were up 59 cents, or 0.7 percent, to $85.45 a barrel by 0900 GMT, after hitting $86.04, their highest level since October 2018.