New oil price surge fuels fresh inflation fears      

Citi raised its Brent price estimate for this quarter to $85 a barrel, potentially increasing to as high as $90 at times.

Even Opec adding back supply to the market is not 'necessarily going to have a massive impact on cooling the price of oil', said City Index analyst Fiona Cincotta. File Picture.

The price of global crude oil approached $85 a barrel, as a growing power crisis from Europe to Asia boosts demand for oil ahead of winter.

Brent crude rose as much as 2.7% to its highest level since October 2018. Prices of coal and natural gas have surged globally, with stockpiles running low before the northern hemisphere winter, prompting some switching to oil products such as diesel and fuel oil.