Oil prices climb as Iran nuclear talks drag, summer demand aids | Reuters

Oil prices climb as Iran nuclear talks drag, summer demand aids | Reuters

Oil prices rose on Monday, underpinned by strong demand during the summer driving season and a pause in talks to revive the Iran nuclear deal that could indicate a delay in resumption of supplies from the OPEC producer.

Brent crude for August gained 23 cents, or 0.3%, to $73.74 a barrel by 0622 GMT. U.S. West Texas Intermediate (WTI) crude for July was at $71.94 a barrel, up 30 cents, or 0.4%.

Both benchmarks have risen for the past four weeks amid optimism over the pace of global vaccinations and a pick up in summer travel. The rebound has pushed up spot premiums for crude in Asia and Europe to multi-month highs. read more

"The rebound in demand in the northern hemisphere summer is so strong that the market is becoming increasingly concerned about further sharp drawdowns on inventories," ANZ analysts said in a note.