Brent crude futures were up 16 cents, or 0.22%, at $71.51 a barrel by 1244 GMT after touching their highest since September 2019 at $71.99. The international benchmark had gained 1.6% on Wednesday
Oil prices were little changed on Thursday after strong gains in the previous two sessions on expectations for surging fuel demand later this year while major producers maintain supply discipline.
Brent crude futures were up 16 cents, or 0.22%, at $71.51 a barrel by 1244 GMT after touching their highest since September 2019 at $71.99. The international benchmark had gained 1.6% on Wednesday.
US West Texas Intermediate crude futures rose 14 cents, or 0.20%, to $68.97. Prices rose as high as $69.40, the strongest since October 2018, after gaining 1.5% in the previous session.
The consensus among market forecasters, including the Organization of the Petroleum Exporting Countries (OPEC) and its allies within the wider OPEC+ group of producers, is that oil demand will exceed supply in the second half of 2021.
OPEC+ data shows that by the end of the year oil demand will be 99.8 million barrels per day (bpd) versus supply of 97.5 million bpd.
This rebalancing will be led by resurgent demand in the United States, the world's biggest oil user, as well as in China, the world's second-biggest oil consumer, and the UK as it emerges from Covid-19 lockdowns.
"The US driving season is a period that sees higher than normal fuel consumption. UK traffic is now sitting above pre-pandemic levels," CBA commodities analyst Vivek Dhar said in a note. "We continue to see the oil demand recovery led by the US, Europe and China."
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