Oil prices rose to multi-year highs on Monday, boosted by limited global supply and rising gasoline demand in the United States and elsewhere as economies recover from pandemic-related slumps. Brent crude futures increased $1.10, or 1.3 percent, to $86.63 per barrel at 1406 GMT, the highest level since October 2018. WTI oil futures in the United States gained $1.46, or 1.7 percent, to $85.22, reaching their highest level since October 2014.
A robust resurgence in global oil demand, according to Goldman Sachs, could drive Brent crude prices above its year-end projection of $90 per barrel. Switching from gas to oil, according to the bank, could add at least 1 million barrels per day (bpd) to oil demand. After more than a year of low demand, gasoline and distillate consumption in the United States, the world's largest fuel user, has returned to five-year averages.
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