AIRLINK 75.30 Increased By ▲ 1.60 (2.17%)
BOP 4.94 Increased By ▲ 0.04 (0.82%)
CNERGY 4.39 Decreased By ▼ -0.13 (-2.88%)
DFML 41.18 Decreased By ▼ -3.70 (-8.24%)
DGKC 83.31 Decreased By ▼ -2.19 (-2.56%)
FCCL 21.65 Increased By ▲ 0.25 (1.17%)
FFBL 32.00 Decreased By ▼ -0.51 (-1.57%)
FFL 9.42 Decreased By ▼ -0.17 (-1.77%)
GGL 10.08 Decreased By ▼ -0.19 (-1.85%)
HASCOL 6.82 Decreased By ▼ -0.31 (-4.35%)
HBL 114.00 Decreased By ▼ -0.70 (-0.61%)
HUBC 139.10 No Change ▼ 0.00 (0%)
HUMNL 12.00 Decreased By ▼ -0.42 (-3.38%)
KEL 4.91 Decreased By ▼ -0.12 (-2.39%)
KOSM 4.36 Decreased By ▼ -0.09 (-2.02%)
MLCF 37.51 Decreased By ▼ -0.09 (-0.24%)
OGDC 132.85 Decreased By ▼ -3.95 (-2.89%)
PAEL 24.85 Decreased By ▼ -0.54 (-2.13%)
PIBTL 6.60 Decreased By ▼ -0.09 (-1.35%)
PPL 117.80 Decreased By ▼ -3.20 (-2.64%)
PRL 26.06 Decreased By ▼ -0.53 (-1.99%)
PTC 13.72 Decreased By ▼ -0.38 (-2.7%)
SEARL 57.25 Decreased By ▼ -0.05 (-0.09%)
SNGP 66.50 Decreased By ▼ -1.50 (-2.21%)
SSGC 10.24 Decreased By ▼ -0.18 (-1.73%)
TELE 8.21 Decreased By ▼ -0.24 (-2.84%)
TPLP 10.70 Decreased By ▼ -0.28 (-2.55%)
TRG 62.40 Decreased By ▼ -0.94 (-1.48%)
UNITY 27.04 Decreased By ▼ -0.01 (-0.04%)
WTL 1.35 Decreased By ▼ -0.03 (-2.17%)
BR100 7,846 Decreased By -95 (-1.2%)
BR30 25,256 Decreased By -391.8 (-1.53%)
KSE100 74,836 Decreased By -681.2 (-0.9%)
KSE30 24,004 Decreased By -273.3 (-1.13%)

LONDON: Oil rose towards $84 a barrel on Tuesday, gaining for a third session, as the US lifting of travel restrictions and more signs of a global post-pandemic recovery lifted the demand outlook, while supply remained tight.

On Monday, travellers took off for the United States again, while the passing of US President Joe Biden's infrastructure bill and better-than-expected Chinese exports helped paint a picture of a recovering global economy.

Brent crude rose 31 cents, or 0.4%, to $83.74 a barrel by 1150 GMT, after gaining 0.8% on Monday. US oil advanced 36 cents, or 0.4%, to $82.29, also after a 0.8% rise the previous day.

"With the re-opening of US borders for vaccinated travellers, jet fuel demand ought to receive a healthy ... boost," said Tamas Varga of oil broker PVM.

Oil gains after US infrastructure bill, plans to address prices

"The passage of the $1 trillion US infrastructure bill in Congress is also expected to provide additional help."

The price of Brent has risen over 60% this year and hit $86.70, a three-year high, on Oct. 25, supported by supply restraint by the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, and recovering demand.

At a meeting last week, OPEC+ decided to stick to its existing pace of easing of record output cuts and rebuff US pleas to pump more - helping to keep supply tight for the near term in the view of some analysts.

JPMorgan Chase said global demand for oil in November was already nearly back to pre-pandemic levels of 100 million barrels per day (bpd), following last year's collapse.

Biden, however, may take measures as early as this week to address soaring gasoline prices, US Energy Secretary Jennifer Granholm said on Monday.

Despite a tight global market, US crude inventories are expected to have risen for a third straight week, possibly helping to cap further gains in prices.

The first of this week's two supply reports, from industry group the American Petroleum Institute, is due at 2030 GMT.

Comments

Comments are closed.