As world oil prices continue to climb high, the price of West Texas Intermediate (WTI) for November contract closed at $80.52 per barrel on the 11th EST, up 1.5% from the previous trading day.
It is the first time in seven years since October 31, 2014 that the price of West Texas Intermediate crude crossed the $80 closing price.
Brent oil prices also hit a new high since October 2018.
Last week, the Organization of Petroleum Exporting Countries' oil producers agreed to increase their oil production by 400,000 barrels a day in November, but the upward trend continued without easing concerns that oil supply would be scarce as winter approaches.