Oil Market: OPEC+ Expected to Stick with July Output Boost - Bloomberg

Oil Market: OPEC+ Expected to Stick with July Output Boost - Bloomberg

PRICES

West Texas Intermediate for July delivery gained 0.7% to $66.76 a barrel on the New York Mercantile Exchange at 6:27 a.m. London time after advancing 4.3% last week. Futures are up 5% this month. Brent for August settlement rose 0.6% to $69.13 on the ICE Futures Europe exchange after losing 0.7% in the previous session. There are holidays in the U.S. and U.K. on Monday. Oil advanced in Asian trading with the market focused on an OPEC+ supply policy meeting early this week and any commentary around the prospect for returning Iranian supply. Futures in New York rose toward $67 a barrel after falling 0.8% on Friday. OPEC and its allies are expected to stick with a decision to boost output in July when the group gathers Tuesday, according to a Bloomberg survey last week. While rebounding demand is driving prices higher, the possibility of more barrels from Iran should a nuclear deal be revived is clouding the outlook. Iran and world powers have resumed discussions, Russia’s envoy to the United Nations in Vienna said in a tweet, adding that there was an understanding among the countries involved that “the current round should be final.”