Oil prices increased on Monday, extending three weeks of gains, buoyed by an improved outlook for fuel demand as an acceleration in COVID-19 vaccinations help lift travel restrictions. Meantime, the IEA said in its monthly report on Friday that OPEC+ needs to increase output. The oil cartel has recently agreed to keep to its plan to gradually ease supply curbs through July, signaling the ongoing strengthening of market fundamentals. Meanwhile, Goldman Sachs said last week it expects Brent to rise to $80 per barrel this summer. At the same time, US oil rigs in operation rose by six to 365, the highest since April 2020. Traders now continued to follow Iran’s nuclear talks in Vienna that have resumed during the weekend. At around 06:45 AM GMT, WTI crude rose 0.6% to $71.33 a barrel, hovering at levels not seen since 2018. Brent oil was up 0.6% to $73.13 a barrel, trading at near two-year highs.