Oil prices climb on signs of strong fuel demand recovery – Reuters

Oil prices climb on signs of strong fuel demand recovery – Reuters

Oil prices rose for a second session on Wednesday on signs of strong fuel demand in western economies, while the prospect of Iranian supplies returning faded as the U.S. secretary of state said sanctions against Tehran were unlikely to be lifted.

Brent crude futures were up 37 cents, or 0.5%, at $72.59 a barrel at 0520 GMT and earlier rose to $72.83, the highest since May 20, 2019. Brent rose 1% on Tuesday.

U.S. West Texas Intermediate (WTI) crude futures jumped 39 cents, or 0.5%, to $70.44 a barrel after rising to as high as $70.62, the most since Oct. 17, 2018. WTI prices climbed 1.2% on Tuesday.