On Monday, oil prices rose for the fifth consecutive day with Brent heading for $80 amid supply concerns as parts of the world sees demand pick up with the lifting of pandemic conditions.
Brent crude was up one note / $1.14 or 1.5% at $79.23 a barrel by 0208 GMT, after the demand being hit a third consecutive week with a gain into Friday. U.S. oil added $7,11 or 1.5% to 75.09, its highest since July, after rising for a fifth straight week last week.
Supply tightness continues to draw the line of inventories across all regions, ANZ Research said in a note.
Rising gas prices as also helping drive oil higher as the liquid becomes relatively cheaper for power generation, ANZ analysts said in the note.
Caught short by the demand rebound, members of the Organization of Petroleum Exporting Countries and their allies known as OPEC have difficulty raising output as under-investment or maintenance delays persist from the pandemic.
China's first public sale of state oil reserves has barely acted to cap gains as PetroChina and Hengli Petrochemical bought four cargoes totalling 4.43 million barrels.
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 largest importer of crude stocked up in anticipation of higher demand.