TOKYO (Reuters) – Oil prices rose for a fifth straight day on Monday with Brent heading for $80 amid supply concerns as parts of the world sees demand pick up with the easing of pandemic conditions.

After rising for the third straight week, oil prices rose $1.14 (or 1.5%) to $79.23/barrel by 0208 GMT. U.S. Oil gained $1.11 (or 1.5%) to $75.09 after climbing for the fifth consecutive week.

ANZ Research stated in a note that “supply tightness continues drawing on inventories across every region.”

According to ANZ researchers, the rising prices of oil are driving it higher because the liquid is cheaper for power generation.

The demand rebound has slowed down the growth of oil prices, and members of the Organization of the Petroleum Exporting Countries, also known as OPEC+ have struggled to increase output, as the pandemic is still causing delays in maintenance or under-investment.

The first sale of oil reserve state stock by China has not had an impact on gains. PetroChina and Hengli Petrochemical purchased four cargoes that totaled 4.43 million barrels.

India’s imports of oil rose by three months in August after a rebound from the nearly one year lows of July. The increase was due to higher crude demand, which refiners of India were able to stock up on.