Crude oil prices rose sharply on Monday, extending gains to a fifth session, amid tighter supplies and signs of rising demand for oil in several countries across the world.
West Texas Intermediate Crude oil futures for November ended up by $1.47 or about 2% at $75.45 a barrel, after climbing to a high of $75.75 a barrel.
Brent crude futures moved towards the $80 a barrel mark. A little while ago, the contract was quoting at $78.50 a barrel, gaining $1.27 or 1.64%.
Crude oil prices have been moving higher in recent sessions amid concerns about supply as demand picks up in parts of the world thanks to easing of pandemic restrictions.
Recent data showed U.S. oil inventories have dropped by 16% year-on-year, and are nearly 23% lower than the level seen in June 2020.
On the supply front, OPEC and its allies are looking to increase their output gradually. The group is reportedly finding it difficult to raise output as under-investment or maintenance delays persist from the pandemic.