TOKYO (Reuters) – 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 33 cents, or 0.5%, at $73.02 by 0455 GMT. It earlier rose to $73.12, the highest since May 2019, having gained 1.1% last week.
U.S. West Texas Intermediate gained 31 cents, or 0.4%, to stand at $71.22 a barrel, earlier reaching $71.32, the highest since October 2018. The contract rose 1.9% on the week.
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.
