Oil extends gains on OPEC+ supply discipline and demand prospects

Oil rose on Wednesday, supported by an OPEC+ decision to stick to its plan to restore supply to the market gradually and by the slow pace of nuclear talks between Iran and the United States.

Brent rose 84 cents, or 1.2%, to $71.09 a barrel at 1011 GMT. U.S. West Texas Intermediate (WTI) crude was up 69 cents, or 1%, at $68.41.

“The strong demand dynamics and likely delays in the Iran nuclear deal negotiations pushed oil prices above the much-watched $70 per barrel level,” said Norbert Rucker, analyst at Swiss bank Julius Baer.

“We expect oil prices to move well beyond $70 per barrel towards mid-year.”