Brent crude extends gains, reaches $79.50

Oil drilling rigs

Oil prices extended gains on Monday, with Brent crude reaching $79.50, amid supply concerns as demand picks up in parts of the world with the easing of pandemic conditions.

The international benchmark Brent crude was trading up 1.8% at $79.50 per barrel, at 3.20 pm Makkah time.

WTI crude rose 1.9% to $75.38 per barrel.

Goldman Sachs raised by $10 its forecast for Brent crude at the end of this year to $90 per barrel, as faster fuel demand recovery from the outbreak of the Delta variant of the coronavirus and Hurricane Ida’s hit to US production led to tight global supplies, Reuters reported.