Brent Settles at Highest Since 2018 as Global Supplies Tighten
- A weaker dollar is also boosting the appeal of commodities
- WTI crude futures climb to the highest level since July
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Brent crude futures settled at the highest level in almost three years as supplies shrink at a time when a global energy crunch makes it increasingly likely oil will be tapped for power generation.
The global benchmark crude rose 1.4% on Thursday to close at the highest level since October 2018, while U.S. crude futures advanced 1.5%. U.S. equities rallied and the dollar weakened, boosting the appeal of commodities priced in the currency.