Oil price jumps above $80 as natural gas races higher

Crude prices surged as traders expect oil and natural gas production will be limited by a global drive to lower carbon emissions and a mix up secure supplies.

U.S. crude rose 1.5% to $80.52 a barrel on Monday, closing above $80 for the first time since 2014 and bringing its climb since the end of last October to 125%.

Some industrial metals have fallen due to fears of softening growth in China, the world’s biggest commodities consumer and largest oil importer.

The impending collapse of China’s Evergrande could magnify the slowdown caused by the Delta variant. That is because the Chinese economy is heavily reliant on real-estate developers for growth and jobs.

Crude oil’s persistent rise in the face of those growth concerns shows the extent to which many traders expect weak supply to buoy prices, lifting fuel costs for consumers and businesses.