Oil prices rose on Monday, boosted by strong summer demand and a pause in talks to revive the nuclear deal, which may predict a delay in the resumption of supplies to OPEC member Iran.
By 06:22 GMT, Brent crude for August delivery was up 23 cents, or 0.3%, to $73.74 a barrel, and US West Texas Intermediate crude for July delivery recorded $71.94, an increase of 30 cents, or 0.4%. Read also Iranian funds frozen abroad.. 7 questions and answers The Chinese-Iranian agreement between welcome and rejection… Are its goals being achieved? What will Iran gain from the free trade agreement with the Eurasian Economic Union? The Seven Problems of Iran’s Economy and the Challenges of the Next President
Both benchmarks rose over the past four weeks, amid optimism about the pace of global vaccination and improved summer travel.
The recovery pushed premiums for spot crude delivery in Asia and Europe to multi-month highs, ANZ analysts wrote in a note, “The recovery in northern hemisphere summer demand has strengthened, adding to market concerns about further sharp declines in oil prices.” stocks.”
Negotiations to revive the Iran nuclear deal were suspended on Sunday after hardline judge Ebrahim Raisi won the presidential election there, and two diplomats said they expected a pause of about 10 days.