Oil edges up on rising demand forecasts, ahead of U.S. price outlook | Reuters
Oil prices edged up on Tuesday as the U.S. lifting of travel restrictions and more signs of a global post-pandemic recovery boosted the demand outlook, while supply remained tight.
The rally came ahead of the U.S. Energy Information Administration's (EIA) release of oil and gasoline price predictions in its Short Term Energy Outlook (STEO), which U.S. President Joe Biden's administration has said it would use to determine whether to release oil from the nation's Strategic Petroleum Reserve (SPR). read more
Brent futures rose 61 cents, or 0.7%, to $84.04 a barrel by 11:16 a.m. EST (1616 GMT), while U.S. West Texas Intermediate (WTI) crude rose $1.04, or 1.3%, to $82.97.
That puts both Brent and WTI on track for their highest closes since Nov. 2.
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