Oil prices rise; Brent holds above $86

26/10/2021 Argaam

Oil drilling rigs

Oil prices edged higher on Tuesday amid stronger global demand as countries continued to ease coronavirus-related restrictions.

 

The international benchmark Brent crude was trading up 0.2% at $86.12 per barrel, at 7.00 am Makkah time.

 

WTI crude rose 0.1% to $83.80 per barrel.

 

“Forecasts for a colder November have energy traders bracing for a very tight market that will be met (with) unprecedented demand this winter,” Reuters reported, citing Edward Moya, Senior Market Analyst at OANDA.

 

“This oil market will remain tight and that should mean a headline or two away from $90 oil,” he added.

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