Crude oil hit multi-year high as supply tightens

International benchmarks for crude oil surged to multi-year high levels on Tuesday, 5 October 2021 on signs of tightening global supply for crude oil, gas, and coal. On Monday, OPEC and allies decided to stick to the initial plan of lifting outputs by 400,000 barrels per day in November, shrugging off the growing pressure from India and the US to add more supply.

Brent gains $1.3 or 1.6% to close at $83.56/barrel. 

WTI increased $1.31 or 1.7% to settle at $78.93/barrel.