Energy crunch to persist as oil inches higher

With temperatures falling as the northern hemisphere winter approaches and heating demand increasing, prices of oil, coal and natural gas are likely to remain elevated, analysts say

'A frigid winter has the potential to send energy prices even higher,' Citi Research commodities analysts said in a research note. File picture

Oil prices have continued to edge higher, nearing multi-year highs as an energy supply crunch continues across the globe, while falling temperatures in China have revived concerns over whether the world's biggest energy consumer can meet domestic heating needs.

Brent crude rose 34 cents to $84.67 a barrel, while US West Texas Intermediate (WTI) futures rose 46 cents to $82.90 a barrel.