Oil trades at multi-year highs on demand expectations H2CY21 onwards

OPEC+ producers have been gradually relaxing record output curbs in recent months.

Oil prices reached their highest in more than two years on Tuesday, buoyed by expectations demand will recover rapidly in the second half of 2021.
 

Brent crude rose 78 cents, or 1.1%, at $73.64 a barrel by 1311 GMT, the highest since late April 2019. U.S. oil gained 88 cents, or 1.2%, to $71.76 a barrel, a 32-month high.
 

"With supply growth lagging demand growth in the near term, faster falling oil inventories are supporting oil prices," UBS analyst Giovanni Staunovo said.
 

He said comments on Tuesday from some of the world's top oil traders added to the bullish mood.