Oil prices extend gains to multi-year highs

Oil prices extend gains to multi-year highs

Oil prices extended pre-weekend gains on Monday to hit multi-year highs, lifted by tight global supply and strengthening fuel demand in the United States and beyond as economies recover from pandemic-induced slumps.

Brent crude futures rose by 97 cents, or 1.1%, to $86.50 a barrel by 12:25 GMT, the highest since October 2018.

U.S. West Texas Intermediate (WTI) crude futures rose $1.29, or 1.5%, to $85.05 and reached their highest level since October 2014.

Both benchmarks closed last week with slight gains despite rising coronavirus cases in the United Kingdom and Eastern Europe, signalling a potentially difficult winter ahead, Reuters reported.

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