Oil Rallies To Fresh Multi-Year Highs

Oil prices rose early on Monday, extending Friday’s gains and hitting fresh multi-year highs, as the energy crisis in Europe and Asia continues to brighten the outlook for oil products to replace record-priced natural gas and coal. As of 3:20 a.m. EDT on Monday, the prompt WTI Crude contract was up by 1.11% at $83.19. Earlier in the session, WTI Crude hit the highest level since October 2014 at $83.73. The international benchmark, Brent Crude, traded at $85.46, up 0.73%. Earlier on Monday, Brent had briefly jumped above $86 per barrel at…