LONDON (Reuters) – Oil prices rose by about 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 $1.45, or 1.8%, at $83.84 a barrel by 1336 GMT, its highest since October 2018.
U.S. West Texas Intermediate (WTI) crude rose $1.71, or 2.2%, to $81.06 for its highest since late 2014.
“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.
