Brent crude crosses $80 for first time in 3 years

Oil drilling rigs

Oil prices extended gains for the sixth consecutive session on Tuesday, with Brent crossing the $80-mark to touch a three-year high, as demand improved on back of easing COVID-19 restrictions.

The international benchmark Brent crude was trading up 1.1% at $80.42 per barrel, at 9.00 am Makkah time.

WTI crude rose 1.2% to $76.37 per barrel.

“The market sentiment remained strong with tighter supply and recovering demand in many parts of the world,” Reuters reported, citing Toshitaka Tazawa, an analyst at Fujitomi Securities Co. Ltd.

Meanwhile, Goldman Sachs ramped up its forecast on Brent crude prices to $90 by the end of the year, from its earlier estimates of $80 per barrel.