TOKYO (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. 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. Vehicle traffic is returning to pre-pandemic levels in North America and much of Europe and more planes are in the air as lockdowns and other restrictions are being eased, driving three weeks of gains for the oil benchmarks.
Read more about Oil slips as start of US summer driving season fails to lift fuel demand on Business Standard. Brent crude oil futures were down 34 cents, or 0.5%, at $71.88 a barrel by 0108 GMT, while US oil futures declined by 36 cents, or 0.5%, at $69.60 a barrel
Read more about Crude oil prices slip on patchy coronavirus vaccine rollout concerns on Business Standard. Brent crude was down 29 cents, or 0.4%, at $71.02 a barrel by 0057 GMT, after falling 4 cents
Oil prices steadied on Thursday after a two-day slump, reflecting the world s mixed economic recovery from the pandemic, with US demand expected to keep rising, while a second coronavirus wave raging in India has led to more curbs on movement. Brent crude was up 11 cents, or 0.2 per cent, at $66.77 a barrel by 0657 GMT, having fallen 3 per cent on Wednesday. US oil gained 25 cents, or 0. per cent, to $63.61 a barrel, after a 3.3 per cent drop in the previous session. US gasoline demand is holding up well ahead of the driving season, ANZ Research said in a note. Also, US airport footfalls increased to 1.85 million, boding well for jet fuel demand.
Read more about Operator declares Force Majeure on Mozambique LNG project on Business Standard. OIL is a Sponsor in Area 1 Block, through its 40% shareholding in BREML, which holds a 10% Participating Interest in Area 1. The remaining 60% shares in BREML are held by ONGC Videsh.