Oil rises on higher demand forecasts, tight supplies

The price of Brent has gained over 60% this year and hit a three-year high of $86.70 on Oct. 25, supported by recovering demand and supply restraint by the Organization of the Petroleum Exporting Countries and allies, known as OPEC .

NEW YORK: Oil prices rose to a two-week high on Tuesday after the United States lifted travel restrictions and other signs of a global post-pandemic recovery boosted the demand outlook, while supply remained tight.

Prices rallied after the U.S. Energy Information Administration (EIA) in its Short Term Energy Outlook (STEO) on Tuesday projected retail gasoline prices would decline over the next several months.