Oil prices keep rising to hit multiyear highs on tight supply

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US West Texas Intermediate crude futures touch its highest since 2014 as Brent crude futures revisit 2018 highs

Tokyo — Oil prices climbed on Monday, extending preweekend gains to hit multiyear highs as global supply remained tight amid solid fuel demand in the US and elsewhere in the world as economies pick up from coronavirus pandemic-induced slumps.

“With firm fuel demand in the US amid tight supply, oil market’s tone stayed fairly strong, which prompted some speculators to unwind short positions,” said Tetsu Emori, CEO of Emori Fund Management. Money managers raised their net long US crude futures and options positions in the week to October 19, the US Commodity Futures Trading Commission said on Friday, underlining strong market sentiment.

 

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