US oil hits 7-year high

Oil prices in New York have hit a seven-year high on the back of growing demand as economies around the world recover from a pandemic slump.

The WTI crude oil futures topped 82 dollars per barrel at one point on Monday, marking their highest level since October 2014.

But output has been slow to bounce back, after taking a dive due to the global spread of the coronavirus.

Major oil-producing countries have decided not to increase their output in November. US oil production has also been disrupted by hurricane damage.

Rising crude prices could affect people's everyday lives by pushing up the cost of gasoline and other goods.

Prices for natural gas have also been surging. And higher energy costs are fueling concern about inflation.