Oil prices rose on Monday, extending three weeks of gains that have been underpinned by an improved outlook for fuel demand as increased COVID-19 vaccinations help lift travel curbs, along with tightness in supply.
Brent crude was up 51 cents, or 0.7%, at $73.20 a barrel by 0644 GMT, the highest since May 2019. U.S. West Texas Intermediate gained 47 cents, or 0.7%, to $71.38 a barrel, the highest since October 2018.
Motor vehicle traffic is returning to pre-pandemic levels in North America and much of Europe, and more planes are in the air as anti-coronavirus lockdowns and other restrictions are being eased, driving three weeks of increases for the oil benchmarks.
