Oil prices reach multi-year highs on tight supply | Reuters

Oil prices reach multi-year highs on tight supply | Reuters

Oil prices reached multi-year highs on Monday before steadying, as tight global supply and strengthening fuel demand in the United States and beyond supported prices.

Brent crude futures gained 46 cents to settle at $85.99 a barrel. The contract reached a session high of $86.70 a barrel, its highest level since October 2018.

U.S. West Texas Intermediate (WTI) crude futures were unchanged at $83.76 a barrel after reaching $85.41 a barrel, the highest since October 2014.

Both benchmarks have climbed by around 20% since the start of September. U.S. crude has risen for nine straight weeks, while Brent has risen for seven.