Oil up, near $70 a barrel as demand outlook improves | Reuters

Oil up, near $70 a barrel as demand outlook improves | Reuters

Oil prices firmed on Monday, with Brent trading near $70 a barrel on growing optimism that fuel demand will grow in the next quarter, while investors looked ahead to see how producers will respond at this week’s OPEC+ meeting.

Trading was thin as U.S. and UK markets were closed on Monday due to public holidays. Brent crude futures settled up 60 cents, or 0.9%, at $69.32 a barrel, off the a session high of $69.82. U.S. West Texas Intermediate crude rose 0.9% and last traded at $66.91 a barrel. Both contracts were set for a second monthly gain.

Analysts expect oil demand growth to outstrip supply despite the possible return of Iranian crude and condensate exports.

“Despite the mobility restrictions that are still in place, oil demand is recovering dynamically around the world,” Commerzbank said.