Oil prices rose modestly on Monday as investor bets that global supply will remain tight amid restraint by major producers were partially offset by a rise in Libyan output. Brent crude was up $0.28, or 0.3%, to $86.34 a barrel by 1646 GMT. Earlier in the session, the contract touched its highest since October 3, 2018 at $86.71. US West Texas Intermediate crude was up $0.36, or 0.4%, at $84.18 after touching its highest since November 10 at $84.78. Trade was subdued due to the US holiday honouring Martin Luther King Jr. Frantic oil buying, driven by supply outages and signs the Omicron coronavirus variant will not be as disruptive to fuel demand as previously feared, has pushed some crude grades to multi-year highs, suggesting the rally in Brent futures could be sustained for a while longer, traders said.
Published in The Express Tribune, January 18th, 2022.
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