Oil prices on the march again in tight market; US crude at 7-year high
Oil prices rose on Monday, extending pre-weekend gains, with US crude hitting a seven-year high as global supply remained tight amid strong demand worldwide as economies recover from coronavirus pandemic-induced slumps.
Brent crude futures climbed 26 cents, or 0.3%, to $85.79 a barrel at 0048 GMT, following on from last Friday’s 1.1% gain. The contract was near a three-year high of $86.10, hit last Thursday.
US West Texas Intermediate (WTI) crude futures rose 48 cents, or 0.6%, to $84.24 a barrel, after climbing 1.5% on Friday. It touched its highest since October 2014 – $84.28 – earlier in the session.
“Bullish sentiment continues to support oil prices as global supply remains tight at a time when demand is recovering from the pandemic,” said Toshitaka Tazawa, an analyst at Fujitomi Securities Co Ltd.
