The limited supply of oil pushed its price up this Tuesday to near $82 and it is hoped that the increase in coronavirus cases and the spread of the omicron variant will not derail a recovery in global demand.

Brent crude oil gained 73 cents, or 0.9%, to $81.60 per barrel, having lost 1% in the previous session. U.S. West Texas Intermediate rose 77 cents, or 1%, to $79, after falling 0.8% on Monday.

Previous experience with galloping oil barrel prices driven by strong demand and weak supply capacity in major markets is leading wealthier countries to avoid excessive confinement to try to contain inflation, even in the face of a growing wave of covid-19 infections. "Omicron has not yet caused the delta variant chaos and may never do so, keeping the global recovery on track," said Jeffrey Halley, analyst at broker OANDA.

Lack of capacity in some countries has meant that the Organization of the Petroleum Exporting Countries (OPEC) is making increases lower than allowed under a pact with its allies.

Recent disruptions in Libya have also supported prices and National Oil Corp said on Tuesday it was suspending exports from the Es Sider terminal. read more

"Higher oil production in the country has not yet translated directly into an increase in available oil supply," said Commerzbank analyst Carsten Fritsch. "This may explain why oil prices have not yet responded to the reopening of the Libyan oil fields."