Oil Nears Three-Year High on Energy Crunch Fears

Oil Nears Three-Year High on Energy Crunch Fears
A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas, on June 9, 2016. Richard Carson/Reuters
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LONDON—Oil rose towards $84 a barrel on Tuesday, within sight of a three-year high, supported by a rebound in global demand that is contributing to energy shortages in big economies such as China.

With demand growing as economies recover from pandemic lows, the Organization of the Petroleum Exporting Countries (OPEC) and allied producers, collectively known as OPEC+, are sticking to plans to restore output gradually rather than boost supply quickly.