Crude oil prices on Monday rose with Brent futures reaching record high in three years amid traders betting on tight supply and possible demand cutback due to fresh outbreaks of COVID-19 globally.
U.S. West Texas Intermediate (WTI) futures on Monday rose 0.41% to $84.16 per barrel while Brent crude oil futures rose 0.09% to $86.14 per barrel.
“The bullish sentiment is continuing as (producer group) OPEC+ is not providing enough supply to meet strong global demand,” said Toshitaka Tazawa, an analyst at Fujitomi Securities Co Ltd said to Reuters.
“If (investment) funds increase allocation weight for crude, prices could reach their highs of 2014,” he said.
