Oil steady near highest since 2018 with Saudis upbeat on demand

Oil steady near highest since 2018 with Saudis upbeat on demand

Oil was steady after closing at the highest since October 2018 as OPEC+ provided an upbeat assessment of the demand outlook and the prospect of a speedy return of Iranian barrels to the market waned. Futures in New York inched higher, while Brent rose 0.3 per cent after settling above $70 a barrel on Tuesday for the first time since 2019. Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman said demand "has shown clear signs of improvement“ as the alliance ratified an output boost for July. His Russian counterpart also spoke of the "gradual economic recovery.“ Adding further support to the market was an indication that talks to revive a 2015 nuclear accord with Iran has been delayed for now. An Iranian official said a deal is now expected to be finalised in August. Oil is up 40 per cent this year as the recovery from the pandemic in the US, China and parts of Europe boosts the outlook for fuel consumption, despite a Covid-19 resurgence in countries such as India. Global demand may rebound to levels seen before the outbreak in a year, according to the International Energy Agency, signaling a quicker comeback than its previous estimates. "Sentiment is