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Oil prices rise above $80 a barrel for 1st time in 3 years

Coal and European gas prices rally to record peaks as traders brace for winter crunch

Crude oil storage tanks are seen at the Cushing oil hub in the U.S. state of Oklahoma.   © Reuters

HONG KONG/LONDON/NEW YORK (Financial Times) -- Coal, carbon and European gas prices have all hit record highs as crude oil pushed above $80 a barrel in the clearest signs yet that the world is heading into an energy crunch likely to weigh on economic growth.

Brent, the international benchmark, rose as much as 0.9 per cent to $80.22 a barrel on Tuesday morning, hitting a three-year high for the second consecutive day and bringing crude's gains for the year to date to almost 55 per cent.

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