Oil climbs as supplies expected to remain tight – Reuters

  • Date: 22-Jan-2022
  • Source: Reuters
  • Sector:Oil & Gas
  • Country:Gulf
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Oil climbs as supplies expected to remain tight – Reuters

Jan 17 (Reuters) - Oil prices rose on Monday with investors betting that global supply will remain tight, although restraint by major producers was partially offset by a rise in Libyan output.

Brent crude settled up 42 cents, or 0.5%, to $86.48 a barrel. Earlier in the session, the contract touched its highest price since Oct. 3, 2018, at $86.71.

U.S. West Texas Intermediate crude was up 53 cents, or 0.6%, at $84.35 after touching its highest price since Nov. 10 at $84.78. Trade was subdued due to the U.S. holiday honoring slain civil rights leader Martin Luther King Jr.