TOKYO : Oil prices rose on Monday, extending pre-weekend gains, with U.S. crude hitting a seven-year high as global supply remained tight amid strong demand worldwide as economies recover from coronavirus pandemic-induced slumps.
U.S. West Texas Intermediate crude futures rose 48 cents, or 0.6per cent, to US$84.24 a barrel, after climbing 1.5per cent on Friday. It touched its highest since October 2014 - US$84.28 - earlier in the session. "But immediate gains for the WTI's nearest-term contract may be limited given steepening backwardation," Tazawa said.
Oil prices have also been bolstered by worries about coal and gas shortages in China, India and Europe, which spurred fuel-switching to diesel and fuel oil for power.
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