Brent gains for fifth day as demand outlook improves, stocks fall

TOKYO (Reuters) – Oil prices rose nearly 1% on Wednesday, with Brent gaining for a fifth consecutive session, as falling stockpiles and a recovery in demand kept the main benchmarks at multi-year highs.

Brent crude was up 66 cents, or 0.9%, at $74.65 a barrel by 0445 GMT, the highest since April 2019.

U.S. crude gained 58 cents, or 0.8%, to $72.70 a barrel, the highest since October 2018.

“Even non-energy traders are placing bets that oil prices will continue to rise,” said Edward Moya, senior market analyst at OANDA.

“Everyone is turning overly bullish with crude prices. The crude demand outlook is very robust as recoveries across the US, Europe and Asia, will have demand return to pre-COVID levels in the second half of next year,” Moya said.