Read more about Oil climbs on signs of strong fuel demand recovery in western economies on Business Standard. Brent crude futures were up 32 cents, or 0.4%, at $72.54 a barrel at 0640 GMT, having earlier touched $72.83, the highest since May 20, 2019.
By Florence Tan SINGAPORE (Reuters) -Oil pulled back after hitting fresh multi-year highs on Monday, as investors awaited the outcome of this week s talks between Iran and world powers over a nuclear deal that is expected to boost crude supplies.
Brent crude futures for August fell 38 cents, or 0.5%, to $71.51 a barrel by 0519 GMT, after earlier hitting $72.27, their highest since May 2019. U.S. West Texas Intermediate crude for July touched $70 for the first time since October 2018 but reversed course to be at $69.32 a barrel, down 30 cents, or 0.4%. Investors may have sold off some contracts to take profit when WTI hit $70, said Avtar Sandu, a senior commodities manager at Phillips Futures in Singapore.
Read more about Asia refiners face double blow to profits from Iran and Covid resurgence on Business Standard. The virus resurgence in India and other nations apart from China is reducing consumption of products such as gasoline.
Read more about Oil rallies above $67 as demand optimism outweighs Iran supply concerns on Business Standard. Investors wager that progress in combating the Covid-19 pandemic will spur energy consumption.
By Aaron Sheldrick TOKYO (Reuters) - Oil prices were steady on Tuesday, holding around one-week highs after jumping more than 3% the previous session as prospects of an early return of oil exporter Iran to international crude markets lessoned.
Brent crude futures were down 6 cents at $68.40 a barrel by 0039 GMT, having jumped 3% on Monday. U.S. West Texas Intermediate futures fell 8 cents to $65.97 a barrel, after gaining 3.9% the previous session. Indirect negotiations between the United States and Iran are due to resume in Vienna this week. Talks were given another life after Tehran and the U.N. nuclear agency extended a monitoring agreement on the Middle Eastern country s atomic programme.