Brent crude rose 58 cents, or 0.8%, to settle at $71.89 a barrel, after touching $72.17, its highest since May 2019. U.S. West Texas Intermediate crude rose 81 cents, or 1.2%, to settle at $69.62. The session high was $69.76, its highest since October 2018.
NEW YORK: Oil extended gains on Friday, with Brent topping US$72 a barrel for the first time since 2019, as OPEC+ supply discipline and recovering demand countered concerns about a patchy COVID-19 vaccination rollout around the globe.
The Organization of the Petroleum Exporting Countries and allies on Tuesday said they would stick to agreed supply restraints. A weekly supply report on Thursday showed U.S. crude inventories dropped more than expected last week.
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