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Oil settles higher on stronger demand outlook as U S inventories fall
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Oil settles higher on stronger demand outlook as U S inventories fall
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More worries over borrowings, foreign reserves depletion
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Oil edges up as rising demand faces Iran supply worries
Oil prices edged a shade higher on Tuesday as rising demand from the approach of the Northern Hemisphere’s summer driving season and lifting of coronavirus restrictions faced worries that Iran’s possible return to the market will cause a supply glut.
After gaining over 5% in the prior two sessions, Brent futures rose 19 cents, or 0.3%, to settle at $68.65 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 2 cents to settle at $66.07.
That was the highest closes for both benchmarks in a week.
Another factor supporting crude prices was the decline in the U.S. dollar to a 19-week low versus a basket of currencies as inflation worries recede. A weaker dollar makes it less expensive for holders of other currencies to buy commodities priced in dollars, like oil.
Oil makes modest moves as traders eye Iran nuclear talks MarketWatch 1 hr ago Spencer Platt/Getty Images
Oil futures made modest moves on Tuesday, but U.S. prices held near their highest in a week as traders kept an eye on developments in talks aimed at reviving the Iran nuclear deal.
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Prices “still remain at high levels as the high season for oil demand is approaching, and as restrictions are lifted in much of Europe and the United States,” said Louise Dickson, oil markets analyst at Rystad Energy, in a market update.
The oil market has been “pricing in the last bits of trader pessimism, coming from the prospect of a nuclear deal with Iran, that will allow the sanctions-hit country to export more oil, adding to the global supply,” she said.