By Aaron Sheldrick

TOKYO, Reuters – On Tuesday, oil prices rose again due to the passing of a U.S. Infrastructure bill. Chinese exports and global recovery after the pandemic lifted fuel demand.

After gaining 0.8% Monday, the price of oil was 8 cents higher at $83.51 per barrel. U.S. oil gained 10 cents to $82.03, another 0.8% gain over the previous day.

The long-delayed $1 billion infrastructure bill by U.S. President Joe Biden – passed through Congress this weekend – as well as better-than expected Chinese exports, helped to paint a picture about a global economy that is more open.

JPMorgan Chase (NYSE 🙂 commodity analysts wrote in a note, “More consumer growth lies in the wait once travel begins seriously and jet fuel demands pick up,” JPMorgan Chase.

According to the U.S. Bank, November’s global oil demand was almost back at pre-pandemic levels (bpd).

However, major oil producers maintained tight supply control in October. Oil prices rose to their highest level for seven years, and fuel prices also rose.

However, Biden may act as soon as next week in an effort to reduce the soaring prices of gasoline, Energy Secretary Jennifer Granholm stated Monday.

Granholm said that he was looking into what tools the president has to deal with the high cost of gasoline because the market is global.

Reuters polls revealed that inventory levels are likely to rise for the third week in spite of tighter market conditions. It may help cap future gains.