Oil climbs on strong demand from drivers and pause in Iran nuclear talks

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Strong rebound in the northern hemisphere causes fears about further sharp inventory drawdowns, analyst says

An oil-pumping jack is seen in Argentina in this file photograph. Picture: BLOOMBERG/ANITA POUCHARD

Both benchmarks have risen for the past four weeks amid optimism over the pace of global vaccinations and a pickup in summer travel. The rebound has pushed up spot premiums for crude in Asia and Europe to multimonth highs. The election could delay the nuclear deal as Iran has insisted that US sanctions placed on Raisi be removed before an agreement is reached, analysts from ANZ, Commonwealth Bank of Australia and ING said.

 

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