Oil was steady on Wednesday, trading in a narrow range, supported by optimism about improving U.S. fuel demand and a weak dollar, but with the prospect of a return of Iranian oil to markets putting pressure on prices.
Brent rose 13 cents, or 0.2%, to $68.78 a barrel by 0928 GMT, and U.S. West Texas Intermediate (WTI) crude was down 5 cents, or 0.1%, at $66.02 a barrel.
“Physical demand has been improving in both Europe and the United States as a slowdown in new COVID-19 cases has been pushing up mobility,” said ING analyst Warren Patterson.
The northern hemisphere’s summer driving season and a lifting of coronavirus curbs have pushed up the demand. As a result, U.S.
