Oil rises towards $85 as demand grows, OPEC supply lags | Reuters
Oil rose towards $85 a barrel on Tuesday, not far from a multi-year high, supported by signs that supply from OPEC and other producers is falling short as demand recovers from the worst of the pandemic.
The increase in OPEC's oil output in October undershot the rise planned under a deal with allies, a Reuters survey found on Monday, due to involuntary outages and limited capacity in some smaller producers. read more
Brent crude gained 20 cents, or 0.2%, to $84.91 a barrel by 0910 GMT, while U.S. West Texas Intermediate (WTI) crude climbed 14 cents, or 0.2%, to $84.19.
"Global oil demand is healthy and supply is trying to play catch-up," said Tamas Varga of oil broker PVM. "These efforts are not producing results."
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