Brent crude for August gained $1.24, or 1.7 per cent to $74.74 a barrel while the US West Texas Intermediate crude for July rose $1.94, or 2.7 per cent to $73.59.
Both benchmarks have risen for the past four weeks on optimism over the pace of global COVID-19 vaccinations and expected pick-up in summer travel.Bank of America said that Brent crude was likely to average $68 a barrel this year but could hit $100 next year on unleashed pent-up demand and more private car usage.
Oil was boosted by a weaker US dollar which can send speculative investors into greenback-denominated assets like commodities.Equally, negotiations to revive the Iran nuclear deal took a pause on Sunday after hardline judge Ebrahim Raisi won the country’s presidential election.
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