Oil, Iea, Opec, Brent

Oil, Iea

Oil holds near multi-year highs amid demand recovery

Oil holds near multi-year highs amid demand recovery

14/6/2021 5:43:00 AM

Oil holds near multi-year highs amid demand recovery

Oil prices held near multi-year highs on Monday, underpinned by an improved outlook for demand as increased COVID-19 vaccinations help lift travel ...

BusinessOil prices held near multi-year highs on Monday, underpinned by an improved outlook for demand as increased COVID-19 vaccinations help lift travel curbs.FILE PHOTO: Pump jacks operate at sunset in Midland, Texas, U.S., February 11, 2019. REUTERS/Nick Oxford

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14 Jun 2021 10:15AMShare this contentBookmarkTOKYO: Oil prices held near multi-year highs on Monday, underpinned by an improved outlook for demand as increased COVID-19 vaccinations help lift travel curbs.Brent crude was up 14 cents, or 0.2per cent, at US$72.83 by 0123 GMT. It rose 1.1per cent last week and hit the highest since May 2019 of US$73.09 on Friday.

AdvertisementAdvertisementU.S. West Texas Intermediate was also up 14 cents, or 0.2per cent, at US$71.05 a barrel, after reaching the highest since October 2018 at US$71.24 on Friday and rising 1.9per cent on the week.Vehicle traffic is returning to pre-pandemic levels in North America and much of Europe and more planes are in the air as lockdowns and other restrictions are being eased, driving three weeks of gains for the oil benchmarks. headtopics.com

The Organization of the Petroleum Exporting Countries (OPEC) and allies, known as OPEC+, need to increase output to meet recovering demand, the International Energy Agency (IEA) said in its monthly report on Friday.The OPEC+ group has been restraining production to support prices after the pandemic wiped out demand in 2020.

AdvertisementAdvertisement"OPEC+ needs to open the taps to keep the world oil markets adequately supplied," the IEA said.Goldman Sachs said last week it expects Brent to rise to US$80 per barrel this summer as the rollout of inoculations boosts economic activity around the world.

U.S. oil rigs rose by six to 365, the highest since April 2020, energy services company Baker Hughes Co said in its weekly report.It was the biggest weekly increase of oil rigs in a month, as drilling companies sought to benefit from rising demand.(Reporting by Aaron Sheldrick; Editing by Himani Sarkar)

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