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Oil continues to rise in global markets and strong expectations of increased demand
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Oil prices rose on Wednesday after the Organization of the Petroleum Exporting Countries and its allies adhered to their plan to cautiously restore oil supplies in June and July while expecting a robust summer demand for fuel in the United States.
West Texas Intermediate crude futures rose 21 cents, or 0.31%, to $67.93 at 05:13 GMT, extending its 2.1% gain after the US Memorial Day holiday on Monday. Prices rose to their highest levels since October 2018.
Brent crude futures rose 25 cents, or 0.36 percent, to $70.50 a barrel, after jumping 1.3 percent overnight, when they reached their highest levels since March 8.
The Organization of the Petroleum Exporting Countries and its allies, called the OPEC+ community, agreed on Tuesday to stick to their plan to gradually ease supply restrictions until July.
Market gains over the past two weeks were capped by fears of a possible lifting of oil sanctions on Iran, as talks on reviving the nuclear deal made progress, but negotiations reached a dead end this week.
OPEC Secretary-General Mohammad Barkindo played down any potential market disruption, saying the group expects any return of Iranian exports "will occur in an orderly and transparent manner" if and when a nuclear deal is reached.
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