Oil holds close to multi-year highs amid demand restoration By Reuters

© Reuters. FILE PHOTO: The moon rises behind the storage tanks of an area oil refinery in Omsk, Russia June 5, 2020. REUTERS/Alexey Malgavko TOKYO (Reuters) – Oil costs held close to multi-year highs on Monday (NASDAQ:), underpinned by an improved outlook for demand as elevated COVID-19 vaccinations assist carry journey curbs. was up 14



© Reuters. FILE PHOTO: The moon rises behind the storage tanks of an area oil refinery in Omsk, Russia June 5, 2020. REUTERS/Alexey Malgavko

TOKYO (Reuters) – Oil costs held close to multi-year highs on Monday (NASDAQ:), underpinned by an improved outlook for demand as elevated COVID-19 vaccinations assist carry journey curbs.

was up 14 cents, or 0.2%, at $72.83 by 0123 GMT. It rose 1.1% final week and hit the best since Might 2019 of $73.09 on Friday.

U.S. West Texas Intermediate was additionally up 14 cents, or 0.2%, at $71.05 a barrel, after reaching the best since October 2018 at $71.24 on Friday and rising 1.9% on the week.

Automobile site visitors is returning to pre-pandemic ranges in North America and far of Europe and extra planes are within the air as lockdowns and different restrictions are being eased, driving three weeks of features for the oil benchmarks.

The Group of the Petroleum Exporting International locations (OPEC) and allies, often called OPEC+, want to extend output to satisfy recovering demand, the Worldwide Vitality Company (IEA) stated in its month-to-month report on Friday.

The OPEC+ group has been restraining manufacturing to help costs after the pandemic worn out demand in 2020.

“OPEC+ must open the faucets to maintain the world oil markets adequately provided,” the IEA stated.

Goldman Sachs (NYSE:) stated final week it expects Brent to rise to $80 per barrel this summer season because the rollout of inoculations boosts financial exercise around the globe.

U.S. oil rigs rose by six to 365, the best since April 2020, power companies firm Baker Hughes Co stated in its weekly report. [RIG/U]

It was the largest weekly enhance of oil rigs in a month, as drilling corporations sought to profit from rising demand.

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