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Oil holds near multi-year highs amid demand recovery.

REUTERS

REUTERS

Oil prices held near multi-year highs on Monday, underpinned by an improved outlook for demand as increased COVID-19 vaccinations help lift travel curbs.

Brent crude was up 14 cents, or 0.2%, at $72.83 by 0123 GMT. It rose 1.1% last week and hit the highest since May 2019 of $73.09 on Friday, as reported by Reuters.

Read also Ukraine may enter talks on compensations for loss over Nord Stream 2 U.S. West Texas Intermediate was also up 14 cents, or 0.2%, at $71.05 a barrel, after reaching the highest since October 2018 at $71.24 on Friday and rising 1.9% on the week.

The Organization of the Petroleum Exporting Countries (OPEC) and allies, known as OPEC+, need to increase output to meet recovering demand, the International Energy Agency (IEA) said in its monthly report on Friday.

The OPEC+ group has been restraining production to support prices after the pandemic wiped out demand in 2020.

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