Oil Prices Rise During Energy Crunch

Fuel demand is increasing, economic activity is rebounding and COVID-19 restrictions are easing, making for a boon in the energy sector. Brent crude futures rose 58 cents and U.S. West Texas Intermediate futures rose 60 cents in early trading. Additionally, China ordered mines in Inner Mongolia to increase coal production with the hope of alleviating energy strains across the country. Benchmark European gas prices also jumped to an equivalent of $200 a barrel.