Oil prices rose for the third consecutive session in trading today, Tuesday, following the decision of the "OPEC +" alliance to maintain the policy of reducing production since last July without change, and to increase demand expectations after the lifting of US travel restrictions.

And the coalition kept - last week - easing production restrictions by 400,000 barrels per day during last December, despite US pressure to ease further restrictions.

By 09:44 GMT, Brent crude futures prices for January delivery rose 0.74% to $84.04 a barrel.

US West Texas Intermediate crude futures prices for December delivery also rose 0.80% to $82.58 a barrel.

And prices received support after a US decision to develop infrastructure worth a trillion dollars, which fuels demand for jobs and fuels of all kinds in the United States.


The price hike coincided with the US lifting of travel restrictions and other signs of the economy's recovery after the coronavirus pandemic, raising expectations for oil demand while supply shortages persist.

The global benchmark Brent crude contracts ended Monday's session, up 0.83%, to settle at $83.43 a barrel.

The US benchmark West Texas Intermediate crude contracts closed up by 0.81% to reach $81.93 a barrel.

The price of Brent crude has risen by more than 61% this year and scored $86.70 a barrel, its highest level in 3 years, on October 25, supported by supply restrictions by the Organization of the Petroleum Exporting Countries.

And JPMorgan Chase said that global oil demand in November almost returned to its pre-pandemic levels at the level of 100 million barrels per day.


upcoming US actions

Despite the lack of oil supply in the global market, it is expected that US inventories rose for the third week in a row, which may put an end to the price hike.

And yesterday, Monday, US Energy Secretary Jennifer Granholm said that US President Joe Biden may take measures as soon as possible, perhaps this week, to address the sharp rise in gasoline prices.

And oil prices recorded levels above $ 80 a barrel, which raises the cost of gasoline to consumers.

Granholm added - in an interview with the network "MSNBC" - "Of course he (Biden) is considering options within the limited framework of tools that a president might have to address the cost of gasoline at gas stations, because it is a global economy."

"We hope that there will be an announcement this week," the minister added, stressing that he "does not want to see people suffer at gas stations, in heating homes, and so on, which is why he has called for an increase in supplies now."


She pointed out that OPEC controls the vast majority of oil supplies in the world, and said that "he wants to see additional supplies from everyone."

And last Saturday, it said that the United States has tools to respond to high oil prices, after the producing countries that make up the OPEC Plus alliance ignored American calls to pump more crude.