Oil prices rise for fifth day amid supply constraints

An oil pumpjack and a tank with the corporate logo of state oil company PDVSA are seen in an oil facility in Lagunillas, Venezuela January 29, 2019. (Reuters)

SULAIMANI (ESTA) — Oil prices rose on Monday with Brent heading for $80 amid supply concerns as parts of the world sees demand pick up with the easing of pandemic conditions.

Brent crude was up $1.14 at $79.23 a barrel by 0632 GMT, having risen a third consecutive week through Friday.

U.S. oil added $1.11 to $75.09 per barrel, its highest since July, after rising for a fight straight week last week.

“Supply tightness continues to draw on inventories across all regions,” Reuters quoted ANZ research as saying.

Rising gas prices as also helping drive oil higher as the liquid becomes relatively cheaper for power generation, ANZ analysts said.

China’s first public sale of state oil reserves has barely acted to cap gains as PetroChina and Hengli Petrochemical bought four cargoes totaling about 4.43 million barrels.

India’s oil imports hit a three-month peak in August, rebounding from nearly one-year lows reached in July, as refiners in the second-biggest importer of crude stocked up in anticipation of higher demand.

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