Brent crude extends gains, crosses $82

Oil prices rose on Tuesday, with Brent crossing the $82-mark while WTI crude climbed above $78.

The international benchmark Brent crude was trading up 0.9% at $82.01 per barrel, at 1.05 pm Makkah time.

WTI crude rose 0.7% to $78.18 per barrel.

The Organization of the Petroleum Exporting Countries and its allies (OPEC+) agreed on Oct. 4 to maintain an existing pact to increase oil output by 400,000 barrels per day (bpd) in November.

“With this decision, OPEC+ seems content to see oil prices rise despite concerns about a deepening energy crisis in Europe and Asia,” Financial Times reported, citing a note from RBC Capital Markets.

Meanwhile, Capital Economics said it expects a gradual normalization in demand growth and a rebound in supply to start to weigh on oil prices from the fourth quarter, Reuters reported.