On the way to $ 84 a barrel, oil is moving on Tuesday, recording gains for the third consecutive session, as the lifting of travel restrictions by the US and the growing signs of recovery of the global economy from the coronavirus pandemic have strengthened its prospects. , while the supply of crude oil remains limited.
On Monday, travelers resumed flying to the United States as the Biden government lifted travel restrictions on international flights, in a move that provides relief to airlines while also expected to boost fuel demand.
At the same time, the passage of President Biden’s infrastructure bill and the best of expectations for Chinese exports reinforce the belief that the world economy is recovering, a development that is seen as positive for the oil market.
“With the reopening of the US border for vaccinated travelers, the demand for aircraft fuel should receive a healthy … boost,” said Tamas Varga of PVM.
“The passage of the $ 1 trillion infrastructure bill by Congress is also expected to provide additional support,” he added.
In this context, Brent crude for December delivery gained 31 cents, or 0.4%, to $ 83.74 a barrel, after rising 0.8% in yesterday’s session.
US West Texas Intermediate crude for December delivery also rose 36 cents, or 0.4 percent, to $ 82.31 a barrel, after rising 0.8 percent on Monday.
Brent has risen more than 60% this year to a three-year high of $ 86.70 on October 25, supported by lower supply of crude oil from OPEC and its allies and a recovery in demand as a result of the restart after last year’s lockdowns.
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