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Market Update: Oil Extends Multi-Year Highs
Oil prices increased for the third straight day on Thursday, extending to fresh multi-year highs amid signs of a recovery in demand in the US Europe, and China as vaccination programs allow more people to travel. On the supply side, OPEC+ agreed to gradually ease supply curbs through July, signaling the ongoing strengthening of market fundamentals. Meanwhile, a slowdown in talks between the US and Iran over the latter’s nuclear programme has also reduced expectations for Iranian oil supply to come back to the market this year. US government inventory data will due later on Thursday, delayed a day due to the Memorial Day holiday. At around 06:00 AM GMT, WTI crude added 0.6% to $69.24 a barrel, while Brent oil gained 0.7% to $71.83 a barrel. [/s2If]
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