Brent Near $80 Amid Supply Concerns

Oil prices rose on Monday for the fifth day in a row, and Brent reached its highest level since October 2018 and is heading towards $ 80 a barrel, amid concerns about supply at a time when demand is increasing in some regions of the world with the easing of anti-pandemic measures.

Brent crude rose $1.15, or 1.5 percent, to $79.24 a barrel by 0900 GMT, after recording its third consecutive weekly increase last week.

US crude rose $1.07, or 1.5 percent, to $75.05 a barrel, near its highest price since July, after recording its fifth consecutive weekly increase last week.