Oil Prices Hit Multiyear Highs. The Industry Isn’t Reacting as History Expects

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Oil prices climbed to multiyear highs on Monday but there are no signs of the industry ramping up spending in response.

Increased demand amid the global Covid recovery has contributed to rising oil prices. Soaring gas and coal prices have also pushed users toward oil, fueling demand. 

U.S. West Texas Intermediate futures climbed to $83.85…

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