Oil prices consolidate gains at highest level since October 2018

Oil rigs

Oil prices continued to rise at a 32-month high on Monday backed by positive outlook on demand growth.

International benchmark Brent crude was trading up 1.1% at $73.49 per barrel, at 9.05 am Makkah time.

WTI crude rose 1% to $71.59 per barrel.

Oil prices might witness a further rise over the coming weeks, but at a more gradual pace, on the back of support from the trends in Europe and the United States to ease closure restrictions, Bloomberg reported.

Last week, US oil rigs rose to 365, the highest since April 2020, Baker Hughes Co said in its weekly report.