Oil rises close to multi-year high on energy crunch fears | Reuters
Oil rose towards $84 a barrel on Tuesday, within sight of a three-year high, supported by a rebound in global demand that is contributing to energy shortages in big economies such as China.
With demand growing as economies recover from pandemic lows, the Organization of the Petroleum Exporting Countries and allied producers, or OPEC+, is sticking to plans to gradually bring back output, rather than quickly boost supply.
"OPEC+ will push ahead with its cautious approach to supply in the year-end period. Set against this backdrop, oil bears will remain in hibernation mode," said Stephen Brennock of oil broker PVM.
Brent crude was up 24 cents or 0.3% at $83.89 a barrel at 0810 GMT. On Monday it reached $84.60, the highest since October 2018. U.S. oil gained 21 cents or 0.3% to $80.73 and on Monday hit $82.18, the highest since late 2014.
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