Oil trades near $70 a barrel on improving demand outlook
Oil prices firmed on Monday, with Brent trading near $70 a barrel, underpinned by the bright outlook for fuel demand growth in the next quarter, while investors looked ahead to the OPEC+ meeting this week to see how producers will respond.
Brent crude futures rose 69 cents, or 1%, to $69.41 a barrel by 0955 GMT, after reaching a session high of $69.82. U.S. West Texas Intermediate crude was at $67 a barrel, up 68 cents, or 1%.
U.S. and UK markets are closed on Monday due to public holidays.
Both contracts are on track for a second monthly gain as analysts expect oil demand growth to outstrip supply despite the possible return of Iranian crude and condensate exports.
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