Oil rose for a third day on signs the physical market is tightening offset growing demand risks in China and the US.
Global benchmark Brent traded above $85 a barrel and is up more than 2 per cent since last Wednesday’s close. The most immediate parts of the oil futures curve are pointing to tight supplies as curbs from OPEC+ linchpins Russia and Saudi Arabia help propel crude prices higher.
There was also some support from wider markets, with European equities trading higher and US futures also pointing to a firmer open on Monday. Economic malaise in China — ranging from downbeat consumers to struggling exports — and stubbornly persistent inflation risks in the US saw oil fall last week, bucking a recent strong run.
