Oil Hits Highest Since October 2018 With Saudis Upbeat on Demand
- Saudi energy minister says consumption picture has improved
- Iran signals prospect of immediate accord has been delayed
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Oil resumed its advance, reaching the highest settlement in over two years with the OPEC+ alliance forecasting a tightening global crude market and a nuclear deal with Iran still up in the air.
West Texas Intermediate crude rose 2.1%, while global benchmark Brent settled above $70 a barrel for the first time since 2019. Prices rallied as members of the OPEC+ alliance sounded upbeat notes about the global consumption rebound. Saudi Arabia Energy Minister Prince Abdulaziz bin Salman said “the demand picture has shown clear signs of improvement,” while his Russian counterpart also spoke of the “gradual economic recovery.”