Oil surges past $80 with global power crisis set to boost demand

Oil surged past $80 a barrel as the global power crunch rattled a market in which OPEC+ has only been restoring output at a modest pace. 

West Texas Intermediate futures climbed around 2% after topping the psychological price threshold on Friday for the first time since November 2014. The prices of fuels such as coal and natural gas are soaring in Europe and Asia as stockpiles run low ahead of the Northern Hemisphere winter, prompting a switch to oil products such as diesel and kerosene. 

The American crude benchmark has risen almost 30% since mid-August as the energy crisis has