Oil rose in Asia on Monday morning, with U.S. Investors’ sentiment has been boosted by signs of an economic recovery and improved outlook for fuel demand following the COVID-19. Investors are also watching the progress of negotiations to renew the 2015 Iranian nuclear deal, which is likely to boost global crude supplies.
Brent oil futures rose 0.63% to $ 66.77, ending the May 23 deal on August 23. WTI futures rose 0.63% to $ 63.98.
Earlier in the day, Iranian President Hassan Rouhani said the United States was “ready” to lift sanctions on the country’s oil, banking and shipping sectors, which could push oil prices to fall.
“Iran’s oil production has been on the rise in recent months, which may be expected to lift sanctions,” ANZ analysts said in a statement.
However, the Speaker of the House of Representatives for Iran, Mohammed Baghr Khalifa, said on Sunday that Iran and the U.N. He said the expiration of a three-month monitoring agreement between the International Atomic Energy Agency and the International Atomic Energy Agency would stop access to images from within some Iranian nuclear sites. Negotiations between the two sides continue in Vienna throughout the week.
The U.S. According to the National Hurricane Center, investors are monitoring the low-pressure system located in the Gulf of Western Mexico, which has a 60% chance of becoming a hurricane in the next 48 hours.
In the U.S. Elsewhere, the prevalence of COVID-19 continues to decline, with the country ending its first week in June 2020 with no more than 30,000 infections. Mortality rates in France and Italy continue to fall, improving fuel demand outlook.
In Asia, however, many countries continue to deal with the COVID-19 outbreak. The total number of COVID-19 deaths in India as of May 24 is 303,720, according to Johns Hopkins University data.
Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC +) has reportedly postponed its joint technical committee meeting, which was originally scheduled for May 25 but was postponed to May 31. However, the cardinal’s cabinet meeting is still scheduled for June 1.
