Oil gains for fifth day amid supply constraints | Reuters
Oil prices rose for a fifth straight day on Monday with Brent heading for $80 amid supply concerns as parts of the world sees demand pick up with the easing of pandemic conditions.
Brent crude was up 92cents or 1.2% at $79.01 a barrel by 0208 GMT, having risen a third consecutive week through Friday. U.S. Oil added 83 cents, or 1.1% to $74.81, nearits highest since July, after rising for a fifth straight week last week.
"Supply tightness continues to draw on inventories across all regions," ANZ Research said in a note.
Rising gas prices as also helping drive oil higher as the liquid becomes relatively cheaper for power generation, ANZ analysts said in the note.
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