Oil in the black amid summer fuel demand

Oil prices rise moderately on Monday amid strong fuel demand thanks to the summer auto season. Additional support for the «black gold» quotes is provided by a pause in negotiations on the resumption of the nuclear deal with Iran.

Futures for Brent crude oil rose to $74.21 per barrel, for WTI crude – to $72.50 per barrel. Both grades of oil have been predominantly growing in recent weeks, thanks to optimism about the pace of vaccinations in the world and increased travel during the summer holidays.

Experts note that despite the uncertainty in financial markets, «the real world is on the right track and will need more energy as it recovers.»

An additional positive factor for the oil market is the suspension of negotiations to reopen the nuclear deal with Iran after Iranian Supreme Court Chief Justice Ebrahim Raisi won the presidential election on Saturday with a low turnout. The pause in the negotiations will last approximately 10 days.