SINGAPORE (Reuters) – Oil prices pushed higher on Friday, supported by firm U.S. economic data and expectations of a strong rebound in global fuel demand in the third quarter, while concerns eased about the impact of any return of Iranian supplies.
Brent crude futures for July gained 16 cents, 0.2%, to $69.62 a barrel by 0050 GMT while U.S. West Texas Intermediate crude for July was at $67.17 a barrel, up 32 cents, or 0.5%.
“Oil headed higher on robust U.S. economic data and growing sentiment that if the Iran nuclear deal is revived, it will not include an immediate removal of sanctions and that the oil market will not get quickly flooded with excess supplies,” OANDA analyst Edward Moya said in a note.
