Oil Prices Climb for Fifth Straight Day due to Tight Supply

Oil prices have rallied for five consecutive days, reaching three-year highs, on supply concerns as global demand picks up in response to the easing of pandemic situations.

As of 17:21 local time in Thailand, WTI Crude gained US$0.93 per barrel (+1.26%) to US$74.91, while Brent surged US$0.99 per barrel (+1.27%) to US$79.08. 

According to reports, OPEC+ and its allies are struggling to increase output due to underinvestment or maintenance delays caused by the pandemic, resulting in supply tightness that continues to draw inventories across all regions.