Oil prices rose on Monday, extending multiweek gains, amid supply restraint from major producers and growing demand for fuels as economies try to recover from the coronavirus pandemic.
Brent crude was up 81 cents, or 1%, at $83.20 a barrel by 0212 GMT, after gaining almost 4% last week. U.S. oil was up $1.15, or 1.5%, at $80.50 a barrel, the highest since late 2014. U.S. crude rose 4.6% through Friday.
Coal and gas prices have also been surging as economies recover, making oil more attractive as a fuel for power generation, pushing crude markets higher. "We think crude prices will struggle to climb much higher this quarter and still forecast them to gradually drop next year," Caroline Bain, chief commodities economist at Capital Economics, said in a note.
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