Oil Approaches $82, With Demand Recovery Seen on Track

Oil Approaches $82, With Demand Recovery Seen on Track
A 3D printed oil pump jack is seen in front of displayed OPEC logo in this illustration picture on April 14, 2020. Dado Ruvic/Illustration/Reuters
|Updated:

LONDON—Oil rose to nearly $82 a barrel on Tuesday, supported by tight supply and hopes that rising coronavirus cases and the spread of the Omicron variant will not derail a global demand recovery.

A lack of capacity in some countries has meant that supply additions by the Organization of the Petroleum Exporting Countries (OPEC) are running below the allowed increase under a pact with its allies.