Oil prices rose today, Monday, for the fifth consecutive day as Brent crude nears $80 per barrel, driven by supply concerns amid increasing demand in some parts of the world with the easing of COVID-19 pandemic restrictions. By 02:08 GMT, Brent crude had risen by $1.14, or 1.5%, to reach $79.23 per barrel, after recording its third consecutive weekly increase last week. U.S. crude also rose by $1.11, or 1.5%, to $75.09 per barrel, marking its highest price since July after posting its fifth consecutive weekly increase last week.
ANZ Research stated in a note, "Supply shortages continue to draw down inventories in all regions," according to Reuters. Oil prices reached nearly a three-year high on Friday amid supply shortages, as prices rose for the third consecutive week to hit a three-year peak, following disruptions in global production that forced energy companies to withdraw large quantities of crude from reserves.
Brent crude futures increased by 84 cents, or 1.1%, to settle at $78.09 per barrel, while U.S. West Texas Intermediate crude rose by 68 cents, or 0.9%, to settle at $73.98. This marked the highest closing price for Brent since October 2018 and for West Texas Intermediate since July 2021.
