WASHINGTON (dpa-AFX) - Oil prices climbed in European trade on Monday buoyed by expectations for strong demand growth in the next quarter, despite the possible return of Iranian crude and condensate exports. Investors also looked ahead to the OPEC+ meeting this week for supply guidance.
Brent crude futures for August delivery rose 72 cents, or 1.1 percent, to $69.44 per barrel, after settling at their highest in two years on Friday.
U.S. West Texas Intermediate crude futures for July settlement were up 68 cents, or 1 percent, at $67.00 a barrel.
As concerns over mobility restrictions ease and the vaccination drive picks up pace, analysts see demand outstripping supply in the west.
The U.S. is on track to reach a target calling for 70 percent of adults to have received at least one dose of a COVID-19 vaccine by July 4, according to the Centers for Disease Control and Prevention (CDC).
The Organization of the Petroleum Exporting Countries and their allies including Russia will meet on Tuesday, with producers expected to discuss easing production curbs against the prospect of Iranian oil coming back to the market.
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