Demand recovery pushes oil prices near multi-year highs

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Brent crude was up 14 cents, or 0.2%, at $72.83 a barrel by 01:23 GMT.

Reuters

Oil prices held near multi-year highs on Monday, supported by an improving demand outlook as increased COVID-19 vaccinations help ease travel restrictions.

Brent crude was up 14 cents, or 0.2%, at $72.83 a barrel at 0123 GMT. Brent crude rose 1.1% last week, hitting its highest level since May 2019 at $73.09 a barrel on Friday, according to Reuters. Reuters.

READ ALSOUkraine may start negotiations on compensation for damages to Nord Stream 2 pipelineU.S. West Texas Intermediate crude also rose 14 cents, or 0.2%, to $71.05 a barrel. It hit its highest level since October 2018 at $71.24 on Friday and is up 1.9% this week.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, need to increase production to meet recovering demand, the International Energy Agency (IEA) said in its monthly report on Friday.

OPEC+ has been limiting production to support prices since the pandemic wiped out oil demand in 2020.