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.U.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.
The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, need to increase output to meet recovering demand, the International Energy Agency said in its monthly report on Friday. 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.
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