Oil prices rose on Monday, with Brent crude futures at 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 42 cents, or 0.5%, to $86.48 a barrel by 0022 GMT. The contract touched its highest since Oct. 3, 2018 - $86.71 - earlier in the session.
U.S. West Texas Intermediate crude was up 62 cents, or 0.7%, at $84.44 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 5.4% and WTI climbed 6.3%. Frantic oil buying, driven by supply outages and signs the Omicron variant won't be as disruptive as feared for fuel demand, has pushed some crude grades to multi-year highs, suggesting the rally in Brent futures could be sustained a while longer, traders said."The bullish sentiment is continuing as OPEC+ is not providing enough supply to meet strong global demand," said Toshitaka Tazawa, an analyst at Fujitomi Securities Co Ltd.
But many smaller producers can't raise supply and others have been wary of pumping too much oil in case of renewed COVID-19 setbacks.Worries of a Russian attack on neighbouring Ukraine that could disrupt energy supply also lent support to prices. U.S. officials voiced fears on Friday that Russia was preparing to attack Ukraine if diplomacy failed. Russia, which has massed 100,000 troops on Ukraine's border, released pictures of its forces on the move.
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