Oil steady with investors focusing on possible return of Iranian supply

TOKYO (Reuters) – Oil prices were steady on Wednesday as concerns a possible resumption in Iranian supply would cause a glut were offset by hopes for stronger U.S. fuel demand after a drop in weekly inventory estimates by the American Petroleum Institute.

Brent crude oil futures for July gained 5 cents, or 0.1%, to $68.70 a barrel by 0102 GMT, while U.S. West Texas Intermediate (WTI) crude for July was at $66.05 a barrel, down 2 cents.

Both benchmarks edged higher on Tuesday, ending at their highest levels in a week, amid hopes for rising demand from the approach of the northern hemisphere’s summer driving season and lifting of coronavirus restrictions.