Oil prices rise

16 June, 2021 12:00 AM printer

TOKYO: Oil prices rose on Tuesday, with Brent gaining for a fourth consecutive session, as the prospect of extra supply coming to the market soon from Iran faded with talks dragging on over the United States rejoining a nuclear agreement with Tehran.

Brent crude was up by 43 cents, or 0.6%, at $73.29 a barrel by 0134 GMT, having risen 0.2% on Monday. U.S. oil gained 41 cents, or 0.6%, to $71.29 a barrel, having slipped 3 cents in the previous session, report agencies.

Indirect discussions between the United States and Iran, along with other parties to the 2015 deal on Tehran’s nuclear programme, resumed on Saturday in Vienna and were described as “intense” by the European Union.

A U.S. return to the deal would pave the way for the lifting of sanctions on Iran that would allow the OPEC member to resume exports of crude.

It is “looking increasingly unlikely that we will see the U.S. rejoin the Iranian nuclear deal before the Iranian Presidential Elections later this week,” ING Economics said in a note.

Other members of the Organization of Petroleum Exporting Countries (OPEC) along with major producers including Russia - a group known as OPEC+ - have been withholding output to support prices amid the pandemic.


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