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Reuters

Oil nears three-year high on energy crunch fears

LONDON (Reuters) -Oil rose towards $84 a barrel on Tuesday, within sight of a three-year high, supported by a rebound in global demand that is contributing to energy shortages in big economies such as China. With demand growing as economies recover from pandemic lows, the Organization of the Petroleum Exporting Countries (OPEC) and allied producers, collectively known as OPEC+, are sticking to plans to restore output gradually rather than boost supply quickly. Jeffrey Halley, analyst at brokerage OANDA, said the lack of significant change in prices on Tuesday could be because the market looks overbought based on short-term technical indicators such as the relative strength index.

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