Oil prices climbed on Monday, extending pre-weekend gains to hit multi-year highs as global supply remained tight amid solid fuel demand in the United States and elsewhere in the world as economies pick up from coronavirus pandemic-induced slumps.

U.S. West Texas Intermediate (WTI) crude futures rose 62 cents, or 0.7%, to $84.38 a barrel at 0646 GMT, after gaining 1.5% on Friday. They touched their highest since October 2014 – $84.76 – earlier in the session.

Brent crude futures increased 56 cents, or 0.7%, to $86.09 a barrel, following on from last Friday’s 1.1% gain. The contract earlier hit its highest since October 2018 of $86.43.

“With firm fuel demand in the United States amid tight supply, oil market’s tone stayed fairly strong, which prompted some speculators to unwind short positions,” said Tetsu Emori, CEO of Emori Fund Management Inc.

After more than a year of depressed fuel demand, gasoline and distillate consumption is back in line with five-year averages in the United States, the world’s largest fuel consumer.

Meanwhile, U.S. energy firms last week cut oil and natural gas rigs for the first time in seven weeks even as oil prices rose, energy services firm Baker Hughes Co said in its closely followed report on Friday.

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