Oil Holds Above $80 as Global Power Crunch Tightens Demand Oil held above $80 a barrel after a four-day advance as the global energy crisis fanned demand and the International Energy Agency warned of a spike in volatility and scope for higher prices. West Texas Intermediate was steady after posting the highest close since October 2014 as the IEA said in a flagship report that the world was failing to invest in energy on the scale that’s needed to avoid sharp increases in fossil-fuel prices and at the same time escape catastrophic climate change. In the physical market, Russian Sokol — a diesel-rich grade when refined — has hit the highest premium to benchmark prices since January 2020, according to traders and data compiled by Bloomberg. That offers fresh evidence of the scope for oil benefiting from the rally in gas as users seek alternatives. Crude has surged this […]