Oil extends gains for fifth day amid supply shortage By Reuters

Oil continues its gains for the fifth day amid a lack of supply
© Reuters. An oil pump at an oil field in Texas in a photo from Reuters archive.

TOKYO (Reuters) – It rose on Monday for the fifth day in a row, as it approaches $80 a barrel, amid concerns about supply, at a time when demand is increasing in some regions of the world with the easing of anti-pandemic measures.

Brent crude rose 1.14, or 1.5 percent, to $79.23 a barrel by 0208 GMT, after recording its third consecutive weekly increase last week.

US crude rose 1.11, or 1.5 percent, to $75.09 a barrel, its highest price since July, after recording its fifth consecutive weekly increase last week.

“Lack of supply continues to lead to drawdowns in stocks in all regions,” ANZ Research said in a note.

(Prepared by Moaz Abdel Aziz for the Arabic Bulletin)

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