Oil rose for the fifth day in a row on Monday
Oil rose for the fifth day in a row on Monday as it headed toward $80 amid supply concerns as demand saw increased demand as pandemic conditions eased in parts of the world.
Brent crude was up $1.14, or 1.5%, to $79.23 a barrel as of 0208 GMT, after rising for the third week in a row through Friday. West Texas Intermediate (WTI) oil rose $1.11, or 1.5%, to $75.09, its highest level since July, after rising for the fifth week in a row last week.
Shortage of supply continues to reduce stocks in all regions.
Rising gas prices are helping to drive up oil prices, as gas is relatively less costly to generate electricity.
Failed by the recovery in demand, some Organization of the Petroleum Exporting Countries members and their allies are having difficulty increasing production due to insufficient investment or maintenance due to the pandemic.
China’s first public sale of state oil reserves has barely acted to cap gains as PetroChina and Hengli Petrochemical bought four cargoes totalling about 4.43 million barrels.
India's oil imports hit a three-month high in August, rebounding from a nearly one-year low in July as refineries at the second-largest crude importer restocked in anticipation of higher demand.
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