Brent Oil was trading 2.46% up at $84.42.
Oil prices rose more than 2% on Monday, extending gains as an energy crisis gripping major economies shows no sign of easing amid a pick up in economic activity and restrained supplies from major producers.
Brent Crude was up $1.70, or 2.1%, at $84.09 a barrel by 1100 GMT, its highest since October 2018.
U.S. West Texas Intermediate (WTI) crude rose $2.08, or 2.6%, to $81.43 for its highest since late 2014.
“Oil prices are likely to continue climbing in the short term,” said Commerzbank analyst Carsten Fritsch.
Prices have risen as more vaccinated populations are brought out of coronavirus lockdowns, supporting a revival in economic activity, with Brent advancing for five weeks and U.S Crude for seven.
Coal and gas prices have also surged, making oil more attractive as a fuel for power generation, pushing crude markets higher.
In India, some states are experiencing electricity blackouts because of coal shortages. China’s government, meanwhile, has ordered miners to ramp up coal production as power prices surge.
The energy crisis sweeping the world is raising the prospect of a difficult northern winter as heating demand rises.
“The news from last week that the (U.S.) Department of Energy is not planning to tap into strategic reserves for now is keeping the oil market tight and is supporting prices,” said UBS analyst Giovanni Staunovo.
Brent Oil , RSI Stood at 72.722, the current price is trading Above All the Moving Averages . So, a Buy trade can be executed with the following target and stop-loss:
TRADE SIGNAL-Brent Oil– Buy: 84.20, TARGET:-90.20, STOP LOSS:- 81.20.