Oil made gains on Monday, its fifth day in a row, with Brent nearing $80 a barrel amid an increase in demand around the world as restrictions around the pandemic are easing.
Brent crude made a $1.14 gain, a 1.5% increase that put it at $79.23 per barrel. This makes for its third consecutive week on the rise. US oil made a $1.11 gain, a 1.5% increase that put it at $75.09, making for its highest price in 2 months after making gains for five consecutive weeks.
“Supply tightness continues to draw on inventories across all regions,” ANZ Research said in a note.
The analysts added that rising gas prices are also helping drive oil higher as it becomes relatively cheaper to generate power.