Oil prices reversed earlier losses to stand slightly higher on Tuesday as broad hopes for a demand recovery persisted despite new outbreaks of the highly contagious Delta variant of the coronavirus prompting fresh mobility curbs worldwide.
Oil prices fell for a second straight session on Friday as the U.S. dollar soared on the prospect of interest rate hikes in the United States, but they were on track to finish the week little changed and only slightly off multi-year highs.
Oil prices rose on Monday, hitting their highest levels in more than two years supported by economic recovery and the prospect of fuel demand growth as vaccination campaigns in developed countries accelerate.
Oil prices rose on Friday to fresh multi-year highs and were set for their third weekly jump on expectations of a recovery in fuel demand in the United States, Europe and China as rising vaccination rates lead to an easing of pandemic curbs.
Oil prices inched higher on Friday, with Brent holding near $70 a barrel as US economic data and expectations of a rebound in global demand outweighed concerns about more supply from Iran once sanctions are lifted.
A potential return of Iranian crude supplies into the global markets won’t stop a surge in oil prices being fueled by a recovery in demand after an easing of coronavirus restrictions around the world, said the Goldman Sachs bank.
Oil prices rose on Friday after three days of losses, but were on track for a weekly fall as investors braced for the return of Iranian crude supplies after officials said Iran and world powers made progress for a deal during talks in Vienna.
Oil rose on Tuesday to hit $70 a barrel for the first time since March before paring gains, lifted by expectations of demand recovery after the reopening of the European and US economies offset concern over spreading coronavirus cases in Asia.
Oil prices rose for a third day on Wednesday as easing of lockdowns in the United States and parts of Europe heralded a boost in fuel demand in summer season and offset concerns about the rise of COVID-19 infections in India and Japan.
Oil prices edged higher in rangebound trade on Monday on optimism over a rebound in the US economy as coronavirus vaccinations accelerate, though rising COVID-19 cases in other parts of the world kept a lid on prices.