barrel on Friday while WTI closed 1.02 per cent higher at $74.05 a barrel. "Following a small post-FOMC [Federal Open Mark Committee] correction, crude oil quickly resumed its move higher, with WTI and Brent both reaching levels last seen in 2018," said Ole Hansen, head of commodity strategy at Saxo Bank. "This is in the belief that Opec+ will, in the near-term, manage production increases in a manner that ensures continued price support as global demand continues to recover and, later on, due to increased concerns that a lack of capex spent on new production could leave the market undersupplied from late 2022 onwards," he said.