Title: Oil prices climb on improving demand outlook

May 31, 2021 02:30AM ET

By: AnalysisWatch

Oil costs climbed in early Asian exchange on Monday, underpinned via way of means of the brilliant outlook for gasoline call for increase the subsequent quarter, even as traders seemed in advance to the OPEC+ assembly this week to peer how manufacturers will respond.

Brent crude futures for August rose 50 cents, or 0.7%, to $69.22 a barrel via way of means of 0614 GMT after settling at their maximum in years on Friday. U.S. West Texas Intermediate crude for July changed into at $66.87 a barrel, up fifty-five cents, or 0.8%.

U.S. and UK markets are closed on Monday because of public holidays.

Both contracts are on course for a 2nd month-to-month advantage as analysts anticipate oil call for increase to outstrip deliver notwithstanding the feasible go back of Iranian crude and condensate exports.

The Organization of the Petroleum Exporting Countries and their allies along with Russia will meet on Tuesday. The institution called OPEC+ is predicted to live the direction on its plans to steadily ease deliver cuts till July.

Separately, crude output the United States soared 14.3% in March, the Energy Information Administration said on Friday, even as Baker Hughes records confirmed oil and fuel oil rigs growing for a tenth month in a row ultimate week.