Oil prices settled higher on Tuesday, with Brent hitting above US$71 and trading at its highest since March, on expectations for growing fuel demand during the summer driving season in the United States as OPEC+ agreed to boost output.
Brent crude futures for August settled up 93 cents, or 1.3per cent, to US$70.25 a barrel after hitting US$71 earlier in the session - its highest intra-day price since March 8.U.S. West Texas Intermediate crude for July was up US$1.40, or 2.1per cent, to US$67.72. U.S. crude stockpiles were expected to fall by 2.1 million barrels last week, according to a preliminary Reuters poll.
The Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, also agreed to continue a slow easing of supply curbs in their meeting on Tuesday, an OPEC source said, as producers balance an expected demand recovery against a possible increase in Iranian output.
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