Oil edges up as Iran nuclear talks drag on

Monday,   21-Jun-2021   08:43 AM (IST)

Oil prices nudged up on Monday, underpinned by strong demand during the summer driving season and a pause in talks to revive the Iran nuclear deal that could indicate a delay in resumption of supplies from the OPEC producer. Brent crude futures for August gained 30 cents, or 0.4%, to $73.81 a barrel by 0051 GMT, while U.S. West Texas Intermediate (WTI) crude for July was at $71.96 a barrel, up 32 cents, or 0.5%. Both benchmarks have gained for the past four weeks amid optimism over the pace of global vaccinations and a pick up in summer travel. The rebound has already pushed up spot premiums for crude in Asia and Europe to multi-month highs. Negotiations to revive the Iran nuclear deal took a pause on Sunday after hardline judge Ebrahim Raisi won Iran's presidential election amid a low turnout on Saturday. Two diplomats said they expected a break of around 10 days.