Sharjah24 – Reuters: Oil prices surged again on Monday, extending multiweek gains as an energy crisis gripping major economies shows no sign of easing amid a pick up in economic activity and restrained supplies from major producers.
Brent crude was up $1.18 cents, or 1.4%, at $83.57 a barrel by 0603 GMT, after gaining nearly 4% last week. U.S. oil was up $1.49, or 1.9%, at $80.84 a barrel, the highest since late 2014. U.S. crude rose 4.6% through Friday.
Prices have risen as more vaccinated populations are brought out of coronavirus lockdowns, supporting a revival of economic activity, with Brent advancing for five weeks and U.S. crude for seven.
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.
"There's no direct news flow, the moves are momentum driven where intermarket factors implying higher expected inflation are supporting the bullish move in oil prices," said Kelvin Wong, commodities analyst at CMC Markets in Singapore.
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