Brent crude trades near $85-mark; experts expect further rise
Oil prices rose nearly $2 on Monday, extending gains as an energy crisis grips major economies amid a pick-up in economic activity and restrained supplies from major producers. Brent crude was up $1.54, or 1.87 per cent, at $83.93 a barrel by 9.36 pm IST, its highest since October 2018. US West Texas Intermediate crude rose $1.80, or 2.27 per cent, to $81.15.
“Oil prices are likely to continue climbing in the short term,” said Commerzbank analyst Carsten Fritsch.
Prices have risen as more vaccinated populations are brought out of coronavirus lockdowns, supporting a revival in economic activity, with Brent advancing for five weeks and U.S. crude for seven.
