Oil gains on rosier outlook for global economy, fuel demand
Oil prices rose for a third session on Tuesday as the passage of a U.S. infrastructure bill, Chinese exports and the global post-pandemic recovery lifted the outlook for fuel demand.
Brent crude was up 8 cents at $83.51 a barrel by 0220 GMT, after gaining 0.8% on Monday.
U.S. oil was up 10 cents at $82.03, also after a 0.8% gain the previous day.
U.S. President Joe Biden’s long-delayed $1 trillion infrastructure bill — which passed through Congress at the weekend — and better-than-expected Chinese exports helped paint a picture of a more expansive global economy.
The U.S. bank also said global demand for oil in November was already nearly back to pre-pandemic levels of 100 million barrels per day (bpd).
But as major producers maintained strict supply discipline in October, oil prices rose to seven-year highs, with fuel values also rising.
Biden, though, may take measures as early as this week to address soaring gasoline prices, Energy Secretary Jennifer Granholm said on Monday.
Reference: CNBC
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