Oil approaches $84 as lifting of U.S. travel ban boosts demand | Reuters

Oil approaches $84 as lifting of U.S. travel ban boosts demand | Reuters

Oil rose towards $84 a barrel on Tuesday, gaining for a third session, as the U.S. 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 U.S. President Joe Biden's infrastructure bill and better-than-expected Chinese exports helped paint a picture of a recovering global economy. read more

Brent crude rose 50 cents, or 0.6%, to $83.93 a barrel by 0920 GMT, after gaining 0.8% on Monday. U.S. oil advanced 41 cents, or 0.5%, to $82.34, also after a 0.8% rise the previous day.

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