Oil Rises Above $64 as Investors Track Virus Fight, Iran Talks - Bloomberg

Oil Rises Above $64 as Investors Track Virus Fight, Iran Talks - Bloomberg

PRICES:

WTI for July delivery was 0.8% higher at $64.10 a barrel on the New York Mercantile Exchange at 7:26 a.m. in London. Despite surging on Friday, prices dropped 2.7% last week. Brent for July settlement added 0.8% to $66.96 a barrel on the ICE Futures Europe exchange. Oil advanced above $64 a barrel as more signs the U.S. economy is rapidly bouncing back from the pandemic outweighed concern a revival of the Iranian nuclear deal will lead to an increase in global supply. West Texas Intermediate was 0.8% higher, after rising 2.5% on Friday. The spread of coronavirus in the U.S. has slowed further, with the country ending its first week since June with no days of infections exceeding 30,000. Death rates continue to ebb in France and Italy, boding well for energy consumption.