WTI Crude Hits Highest Level In 7 Years

WTI crude hit the psychologically important $85 per barrel mark earlier on Monday—the highest the U.S. crude benchmark has traded since October 2014. WTI prices eased later in the afternoon, with the benchmark falling back to $84.02—still up on the day and up about 20% month on month. The skyrocketing crude prices are largely the result of gas-to-oil switching amid a natural gas crisis in Europe and Asia. According to a note to clients from Goldman Sachs, it sees global crude oil demand could see a million barrel per day bump as the…