Oil gains for fifth day amid supply constraints
Oil prices rose for a fifth straight day on Monday with Brent heading for $80 amid supply concerns as parts of the world sees demand pick up with the easing of pandemic conditions.
Brent crude climbed 1.84%, or $1.44, to settle at $79.53 per barrel, having risen for a third consecutive week through Friday. U.S. Oil settled $1.47, or 2%, higher at $75.45 per barrel, its highest since July, after rising for a fifth straight week last week.
Caught short by the demand rebound, members of the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, have had difficulty raising output as under-investment or maintenance delays persist from the pandemic.
China’s first public sale of state oil reserves has barely acted to cap gains as PetroChina and Hengli Petrochemical bought four cargoes totaling about 4.43 million barrels.
India’s oil imports hit a three-month peak in August, rebounding from nearly one-year lows reached in July, as refiners in the second-biggest importer of crude stocked up in anticipation of higher demand.
Reference: CNBC
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