<p>Oil prices rose for a fifth straight day on Monday with Brent heading for $80 amid supply concerns as parts of the world sees demand pick up with the easing of pandemic conditions.</p>.<p>Brent crude was up $1.14 or 1.5% at $79.23 a barrel by 0208 GMT, having risen a third consecutive week through Friday. US Oil added $1.11 or 1.5% to $75.09, its highest since July, after rising for a fifth straight week last week.</p>.<p><strong>Also read: <a href="https://www.deccanherald.com/business/oil-looks-set-to-test-3-year-high-as-supplies-tighten-1033677.html" target="_blank">Oil looks set to test 3-year high as supplies tighten</a></strong></p>.<p>"Supply tightness continues to draw on inventories across all regions," ANZ Research said in a note.</p>.<p>Rising gas prices as also helping drive oil higher as the liquid becomes relatively cheaper for power generation, ANZ analysts said in the note.</p>.<p>Caught short by the demand rebound, members of the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, have had difficulty raising output as under-investment or maintenance delays persist from the pandemic.</p>.<p>China's first public sale of state oil reserves has barely acted to cap gains as PetroChina and Hengli Petrochemical bought four cargoes totalling about 4.43 million barrels.</p>.<p>India's oil imports hit a three-month peak in August, rebounding from nearly one-year lows reached in July, as refiners in the second-biggest importer of crude stocked up in anticipation of higher demand. </p>.<p><strong>Check out latest DH videos here: </strong></p>
<p>Oil prices rose for a fifth straight day on Monday with Brent heading for $80 amid supply concerns as parts of the world sees demand pick up with the easing of pandemic conditions.</p>.<p>Brent crude was up $1.14 or 1.5% at $79.23 a barrel by 0208 GMT, having risen a third consecutive week through Friday. US Oil added $1.11 or 1.5% to $75.09, its highest since July, after rising for a fifth straight week last week.</p>.<p><strong>Also read: <a href="https://www.deccanherald.com/business/oil-looks-set-to-test-3-year-high-as-supplies-tighten-1033677.html" target="_blank">Oil looks set to test 3-year high as supplies tighten</a></strong></p>.<p>"Supply tightness continues to draw on inventories across all regions," ANZ Research said in a note.</p>.<p>Rising gas prices as also helping drive oil higher as the liquid becomes relatively cheaper for power generation, ANZ analysts said in the note.</p>.<p>Caught short by the demand rebound, members of the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, have had difficulty raising output as under-investment or maintenance delays persist from the pandemic.</p>.<p>China's first public sale of state oil reserves has barely acted to cap gains as PetroChina and Hengli Petrochemical bought four cargoes totalling about 4.43 million barrels.</p>.<p>India's oil imports hit a three-month peak in August, rebounding from nearly one-year lows reached in July, as refiners in the second-biggest importer of crude stocked up in anticipation of higher demand. </p>.<p><strong>Check out latest DH videos here: </strong></p>