Oil prices edged higher on Monday, underpinned by strong demand during the northern hemisphere summer driving season and a pause in talks to revive the Iran nuclear deal that could lead to a resumption of crude supplies from the OPEC producer.
Brent crude for August gained 14 cents, or 0.2per cent, to US$73.65 a barrel by 1109 GMT. U.S. West Texas Intermediate crude for July was up 21 cents, or 0.3per cent, at US$71.85 a barrel.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. The rebound has pushed up spot premiums for crude in Asia and Europe to multi-month highs.
Bank of America said on Monday that Brent oil was likely to average US$68 this year but could hit US$100 next year on unleashed pent-up demand and more private car usage as public transport use lags and remote workers run more errands near their homes. A deal could lead to Iran exporting an extra 1 million barrels per day, or 1per cent of global supply, for more than six months from its storage facilities.
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