Oil holds near $71 as traders assess rising demand, Iran talks

Oil traded near $71 a barrel as the roll-out of coronavirus vaccines underpins an improved demand outlook in the U.S. and Europe.

West Texas Intermediate was little changed in early Asian trading after adding 1.9% last week to hit the highest level since October 2018. Americans are becoming increasingly comfortable meeting friends, going to workplaces, and attending large events, according to a CBS News survey, as U.S. daily air travelers topped 2 million for the first time since the pandemic began.

The U.S. benchmark is on course for a fifth quarterly advance, which would be the best run since 2010, as consumption improves while the Organization of Petroleum Exporting Countries and its allies ease supply curbs only gradually.