Brent crude rose as high as US$84.09 a barrel in early trading. It touched US$84.60 a barrel yesterday, a three-year high, before closing at US$83.65.
Demand has also increased this year as some consumers have switched to oil from natural gas to avoid record high European gas prices, while the OPEC+ group of producing nations have not increased supply again since agreeing to do so in July.
In the US, the White House called yesterday for oil-producing countries to “do more” to curb high prices.
Read More: Oil prices continue to rise, extending gains of more than 60% so far this year