Oil prices traded stable after soaring more than 3% in the previous session, amid growing confidence that a recovery in global fuel demand could offset rising supply from Iran.
In the European session, US WTI traded nearly $ 66 a barrel after strengthening 3.9% in the previous session.
Brent crude traded higher above $ 68 a barrel, following a 3% jump from the previous session.
Talks between Iran and the United States will continue in Vienna this week to resolve issues that remain unresolved in the deal, where it could pave the way for the lifting of Washington’s sanctions on Tehran’s oil.
Goldman Sachs says that the market will likely be able to accommodate additional supply from Iran following the strength of global demand when the vaccine is launched.
Mobility in the US is increasing, thus helping the surge in energy consumption. With over 61% of adults in America having received at least one dose of the vaccine, new cases of Covid-19 only increased 0.5% in the past week, marking the slowest increase since March 2020.
Consumption of energy is expected to continue to increase with the onset of summer, which will see more residents go out for leisure and holidays.
