Oil prices on the march again in tight market; U.S. crude at 7-yr high

Oil prices on the march again in tight market; U.S. crude at 7-yr high
# 25 October 2021 08:30 (UTC +04:00)

Oil prices rose on Monday, extending pre-weekend gains, with U.S. crude hitting a seven-year high as global supply remained tight amid strong demand worldwide as economies recover from coronavirus pandemic-induced slumps, APA reports quoting Reuters.

Brent crude futures climbed 26 cents, or 0.3%, to $85.79 a barrel at 0048 GMT, following on from last Friday's 1.1% gain. The contract was near a three-year high of $86.10, hit last Thursday.

U.S. West Texas Intermediate (WTI) crude futures rose 48 cents, or 0.6%, to $84.24 a barrel, after climbing 1.5% on Friday. It touched its highest since October 2014 - $84.28 - earlier in the session.

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