Oil rises for third day as tighter market vies with demand risks

​Oil rose for a third day as signs the physical market is tightening offset growing demand risks in China and the U.S.

Global benchmark Brent traded above US$85 a barrel and is up more than two per cent since last Wednesday's close. The most immediate parts of the oil futures curve are pointing to tight supplies as curbs from OPEC+ linchpins Russia and Saudi Arabia help propel crude prices higher.

There was also some support from wider markets, with European equities trading higher and U.S. futures also pointing to a firmer open on Monday.