Oil hits $84 as US travel ban is lifted

Oil rose to around $84 a barrel as the United States lifted travel restrictions. That shows many signs of recovery after the global pandemic.

Oil prices start to rise again as US ends travel bans

Brent crude rose 62 cents, or 0.7%, to $84.05 a barrel by 14:45 GMT, after gaining 0.8% on Monday. US oil rose 82 cents, or 1%, to $82.75, also after gaining 0.8% the previous day.

“With the reopening of the US border to vaccinated travelers, jet fuel demand must receive a … healthy boost,” said Tamas Varga of oil brokerage PVM.

The price of Brent oil has surged more than 60% this year and hit $86.70, a three-year high, on October 25, supported by supply constraints by the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, and demand recovered.

At last week’s meeting, OPEC+ decided to keep the existing record rate of output cut easing unchanged and rejected US pleas for more injections – helping to keep supply tight in the short term in the view of the US. some analysts.

Despite tight global markets, US crude inventories are expected to rise for a third straight week, which could help limit further price gains.