Oil Up On Tight Supply, Brent Crude Nears $80 A Barrel

• Oil prices gained on Monday for a fifth straight day, with Brent at its highest since October 2018 and heading for $80, as investors worried about tighter supplies because of rising demand in parts of the world. 
• Brent Crude was up $1.44, or 1.8%, to settle at $79.53 a barrel, having posted three straight weeks of gains. US crude futures rose $1.47, or 2%, to settle at $75.45 a barrel, its highest since July, after rising for a fifth straight week. 
• Goldman Sachs raised by $10 its year-end forecast for Brent crude to $90 per barrel. Global supplies have tightened due to the fast recovery of fuel demand from the outbreak of the Delta variant of the coronavirus and Hurricane Ida's hit to U.S. production.

(Source: Reuters)