Oil prices edge up on strong demand, pause in Iran nuclear talks
SINGAPORE (Reuters) – Oil prices nudged up on Monday, underpinned by strong demand during the summer driving season and a pause in talks to revive the Iran nuclear deal that could indicate a delay in resumption of supplies from the OPEC producer.
Brent crude futures for August gained 30 cents, or 0.4%, to $73.81 a barrel by 0051 GMT, while U.S. West Texas Intermediate (WTI) crude for July was at $71.96 a barrel, up 32 cents, or 0.5%.
Both benchmarks have gained for the past four weeks amid optimism over the pace of global vaccinations and a pick up in summer travel. The rebound has already pushed up spot premiums for crude in Asia and Europe to multi-month highs.
