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Brent crude futures edged up 21 cents to $72.73 a barrel to 1000
GMT, a day after closing at their highest since May 2019.
U.S. West Texas Intermediate (WTI) crude futures were up 15
cents to $70.44 a barrel, a day after their highest close since
October 2018.
U.S. investment bank Goldman Sachs expects Brent crude prices to
reach $80 per barrel this summer as vaccination rollouts boost
global economic activity.
The International Energy Agency said in its monthly report that
OPEC+ oil producers would need to boost output to meet demand
set to recover to pre-pandemic levels by the end of 2022.
"OPEC+ needs to open the taps to keep the world oil markets
adequately supplied," the Paris-based energy watchdog said.
It said that rising demand and countries' short-term policies
were at odds with the IEA's call to end new oil, gas and coal
funding.
"In 2022 there is scope for the 24-member OPEC+ group, led by
Saudi Arabia and Russia, to ramp up crude supply by 1.4 million
barrels per day (bpd) above its July 2021-March 2022 target,"
the IEA said.
Data showing road traffic returning to pre-COVID-19 levels in
North America and most of Europe was encouraging, ANZ Research
analysts said in a note.
"Even the jet fuel market is showing signs of improvement, with
flights in Europe rising 17% over the past two weeks, according
to Eurocontrol," ANZ analysts said.
(Reporting by Dmitry Zhdanikov, Shu Zhang and Sonali Paul;
Editing by Emelia Sithole-Matarise and Jason Neely)
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