Read more about Oil prices extend 3-week gains as demand outlook improves, supplies tighten on Business Standard. Oil prices rose on Monday, extending three weeks of gains that have been underpinned by an improved outlook for fuel demand
Oil prices held near multi-year highs on Monday, underpinned by an improved outlook for demand as increased COVID-19 vaccinations help lift travel curbs.
Brent crude was up 14 cents, or 0.2 percent, at $72.83 by 01:23 GMT. It rose 1.1 percent last week and hit the highest since May 2019 of $73.09 on Friday.
US West Texas Intermediate was also up 14 cents, or 0.2 percent, at $71.05 a barrel, after reaching the highest since October 2018 at $71.24 on Friday and rising 1.9 percent on the week.
Americans are becoming increasingly comfortable meeting friends, going back to workplaces, and attending large-scale events, according to a CBS News survey, as US daily air travellers topped two million for the first time since the pandemic began.
Oil prices reached fresh multi-year highs on Friday, closing out a third straight week of gains on an improved outlook for worldwide demand as rising Covid-19 vaccination rates help lift pandemic curbs. Brent crude futures settled at $72.69 a barrel, rising 17 cents after reaching their highest since May 2019. For the week, Brent was up 1 per cent. US West Texas Intermediate
Oil hits multi-year highs amid demand recovery
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Brent crude rose 14 cents, or 0.2 per cent, to $72.83 by 0123 GMT Oil prices held near multi-year highs on Monday, underpinned by an improved outlook for demand as increased Covid-19 vaccinations help lift travel curbs.
Brent crude was up 14 cents, or 0.2 per cent, at $72.83 by 0123 GMT. It rose 1.1 per cent last week and hit the highest since May 2019 of $73.09 on Friday.
US West Texas Intermediate was also up 14 cents, or 0.2 per cent, at $71.05 a barrel, after reaching the highest since October 2018 at $71.24 on Friday and rising 1.9 per cent on the week.