Oil wins for day five amid supply constraints

Oil rigs are pictured in the Kern River oilfield in Bakersfield, Calif., November 9, 2014. REUTERS / Jonathan Alcorn / File Photo

TOKYO, Sept.27 (Reuters) – Oil prices rose for a fifth straight day on Monday, with Brent heading towards $ 80 due to supply issues as parts of the world see demand rise as prices eased. pandemic conditions.

Brent crude rose 92 cents or 1.2% to $ 79.01 a barrel at 2:08 a.m. GMT, after rising for the third week in a row through Friday. US oil added 83 cents, or 1.1% to $ 74.81, near its highest level since July, after rising for a fifth straight week last week.

“The tight supply continues to benefit inventories in all regions,” ANZ Research said in a note.

Rising gas prices are also helping push oil up as liquid becomes relatively cheaper for power generation, ANZ analysts said in the note.

Taken aback by the rebound in demand, members of the Organization of the Petroleum Exporting Countries and their allies, known as OPEC +, struggled to increase production as underinvestment or delays in maintenance persist due to the pandemic. Read more

China’s first public sale of state oil reserves barely capped the gains as PetroChina and Hengli Petrochemical bought four cargoes totaling around 4.43 million barrels.

India’s oil imports hit a three-month high in August, rebounding from nearly one-year lows reached in July, as refiners in the second-largest crude importer stocked up in anticipation of ‘higher demand.

Reporting by Aaron Sheldrick; Editing by Lincoln Feast and Louise Heavens

Our Standards: Thomson Reuters Trust Principles.

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