Oil demand, one forgotten victim of the flight ban across northern Europe this past week, rebounded sharply on news that some flights will resume in the UK, pushing oil up after plumbing three week lows recently.

Oil pushed up past $82/barrel in morning trading after the ban, which had taken about 20% of demand out of the market, was partially lifted.

Tony Nunan, a risk manager at Mitsubishi Corp said “The market reacted to the disruptions to air traffic in a knee-jerk fashion, but now flights are increasing especially from southern Europe and there is a big push to try to allow more”.

Brent crude for June delivery increased to $84.75, a premium of over a dollar to the US crude. US Crude for May delivery reached $82.38/barrel before settling to $82.04 in morning trade. The May contract expires later today. Crude for June delivery appreciated to $85.53. The May contract expires later today.

The market is also waiting for US inventories reports on oil and other fuels due out this afternoon US time. Many analysts expect that inventories have increased thus signalling a return to lower prices.

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