Brent nears $80 for first time in 3 years

Brent prices continued to rise as the US market opened on Monday, for the fifth day in a row, near breaking the $80 barrier for the first time in 3 years, thanks to global demand hopes, and after the OPEC-Plus supply failed to reach the planned levels during the past month.

Brent crude rose 2.1% to the highest since October 2018 at $79.62 a barrel, after opening at $78.02, and hit a low at $78.02.

Brent crude rose 1.1% on Friday, in the fourth consecutive daily gain, thanks to global demand hopes.

Oil prices gained 3.25% last week, the fifth weekly gain in a row, based on indications of a market deficit during the fourth quarter.

The US commercial inventories fell to nearly 3-year low, a sign of improved demand and withdrawal levels.

India's oil imports rose to a 3-month high during August, after easing the coronavirus lockdown restrictions in the world's fourth largest oil consumer.

Some members of the OPEC Plus alliance struggled to increase production to the planned levels during August and September, due to delays in maintenance and the Covid-19 crisis.