Oil tops $72 a barrel to hit two-year high

Oil has extended recent gains, topping $72 a barrel for the first time since 2019, as OPEC+ supply discipline and recovering demand countered concerns about patchy Covid vaccination rollout around the globe.

The Organisation of the Petroleum Exporting Countries and its allies on Tuesday said they would stick to agreed supply restraints. A weekly supply report on Thursday showed US crude inventories dropped more than expected last week.