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For the fifth day in a row, oil prices rise amid supply restrictions
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Oil prices rose for the fifth consecutive day on Monday, with Brent crude heading to $80 amid supply concerns as parts of the world see increased demand as pandemic conditions ease .
Brent crude rose 1.024 dollars, or 1.31 percent, to 79.11 dollars a barrel by 05:08 GMT, after rising for the third consecutive week until Friday .
And US oil rose 0.97 dollars, or 1.30 percent, to 74.98 dollars, its highest level since July, after rising for the fifth consecutive week last week .
Oil industry specialists said; Continuing tight supply has drawn on inventories in all regions, and higher gas prices are also helping to push oil higher as liquid becomes relatively cheaper to generate power .
Members of the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, have struggled to raise production as investment shortfalls or maintenance delays due to the pandemic persist, after the demand recovery has failed.
[You must be registered and logged in to see this link.]
Oil prices rose for the fifth consecutive day on Monday, with Brent crude heading to $80 amid supply concerns as parts of the world see increased demand as pandemic conditions ease .
Brent crude rose 1.024 dollars, or 1.31 percent, to 79.11 dollars a barrel by 05:08 GMT, after rising for the third consecutive week until Friday .
And US oil rose 0.97 dollars, or 1.30 percent, to 74.98 dollars, its highest level since July, after rising for the fifth consecutive week last week .
Oil industry specialists said; Continuing tight supply has drawn on inventories in all regions, and higher gas prices are also helping to push oil higher as liquid becomes relatively cheaper to generate power .
Members of the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, have struggled to raise production as investment shortfalls or maintenance delays due to the pandemic persist, after the demand recovery has failed.
[You must be registered and logged in to see this link.]
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