Oil prices rose on Monday, with Brent futures touching their highest in more than three years, as investors bet supply will remain tight amid restrained output by major producers with global demand unperturbed by the Omicron coronavirus variant.
Brent crude futures gained 40 cents, or 0.5%, to $86.46 a barrel by 0641 GMT. Earlier in the session, the contract touched its highest since Oct. 3, 2018 at $86.71.
U.S. West Texas Intermediate crude was up 58 cents, or 0.7%, at $84.40 a barrel, after hitting $84.78, the highest since Nov. 10, 2021, earlier in the session.
The gains followed a rally last week when Brent rose more than 5% and WTI climbed over 6%, Reuters reported.
The Organization of the Petroleum Exporting Countries, Russia and their allies, together known as OPEC+, are gradually relaxing output cuts implemented when demand collapsed in 2020.
