Singapore — Oil prices rose on Monday, with Brent futures touching their highest in more than three years, as investors bet supply will remain tight amid restrained output by major producers with global demand unperturbed by the Omicron coronavirus variant.
US West Texas Intermediate crude was up 58 cents, or 0.7%, at $84.40 a barrel, after hitting $84.78, the highest since November 10, 2021, earlier in the session.Frantic oil buying, driven by supply outages and signs the Omicron variant will not be as disruptive as feared for fuel demand, has pushed some crude grades to multiyear highs, suggesting the rally in Brent futures could be sustained a while longer, traders said.
But many smaller producers cannot raise supply and others have been wary of pumping too much oil in case of renewed Covid-19 setbacks. The US government has held talks with several international energy companies on contingency plans for supplying natural gas to Europe if conflict between Russia and Ukraine disrupts Russian supplies, two US officials and two industry sources told Reuters on Friday.
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