Oil holds near multi-year highs as vaccine rollout pushes demand

Americans are becoming more comfortable meeting friends, returning to offices and attending large events, as per a survey.

Oil prices held near multi-year highs on Monday, underpinned by an improved outlook for demand as increased COVID-19 vaccinations help lift travel curbs. Brent crude was up 14 cents, or 0.2 percent, at $72.83 by 01:23 GMT. It rose 1.1 percent last week and hit the highest since May 2019 of $73.09 on Friday. US West Texas Intermediate was also up 14 cents, or 0.2 percent, at $71.05 a barrel, after reaching the highest since October 2018 at $71.24 on Friday and rising 1.9 percent on the week.