Oil Approaches $84 as Lifting of US Travel Ban Boosts Demand

The price of Brent has risen over 60% this year and hit $86.70, a three-year high, on Oct. 25, supported by supply restraint by OPEC+ and recovering demand.

Alex Lawler, Reuters

Oil rose towards $84 a barrel on Nov. 9, 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 Nov. 8, travelers 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.

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