Oil prices rose on Tuesday ahead of an OPEC+ meeting and on optimism that fuel demand will grow in the months ahead with the summer driving season starting in the United States, the world’s top oil consumer.
Brent crude futures for August gained 56 cents, or 0.8 per cent, to $69.88 a barrel by 0125 GMT. U.S. West Texas Intermediate crude for July was at $67.33 a barrel, up $1.01, or 1.5 per cent from Friday’s close, with no settlement price for Monday due to a U.S. public holiday.
“While there are concerns over tighter COVID-19 related restrictions across parts of Asia, the market appears to be more focused on the positive demand story from the U.S. and parts of Europe,” analysts from ING Economics said in a note on Tuesday.
