Oil edges higher on tight supply and post-pandemic recovery
Oil prices edged higher on Tuesday, trading near seven-year highs hit last week, as investors bet supplies will stay tight, with a limited production hike by major oil producers and a strong post-pandemic recovery in fuel demand.
Brent crude for April delivery was up 14 cents, or 0.2 per cent at $89.40 a barrel at 0150 GMT.
The front-month contract for March delivery expired on Monday at $91.21 a barrel, up 1.3 per cent.
US West Texas Intermediate crude rose 13 cents, or 0.2 per cent, to $88.28 a barrel, having gained 1.5 per cent in the previous day.
The benchmarks hit their highest levels since October 2014 on Friday, at $91.70 and $88.84, respectively. They have gained about 17 per cent in January, the biggest monthly gain since February 2021,
