Oil prices edge higher; WTI crude nears $81

Oil drilling rigs

Oil prices edged up on Tuesday driven by a rebound in global demand and as economies continue to recover from coronavirus.

The international benchmark Brent crude was trading up 0.4% at $84.02 per barrel, at 9.00 am Makkah time.

WTI crude rose 0.4% to $80.83 per barrel.

Energy prices have risen at record pace in the recent weeks, driven by energy shortages in Asia, Europe and the United States.

"There is still plenty of momentum behind the oil rally and the fundamentals remain extremely favourable," Reuters reported, citing Craig Erlam, senior market analyst at OANDA.

Separately, a US administration official stressed that the White House is maintaining its stance on asking oil-producing countries to do more to support the global economic recovery.