TOKYO: Oil prices rose on Monday, reversing earlier losses, as investors kept bullish sentiment on expectations that global supply would remain tight as demand picks up and shrugged off signs of progress in the US-Iran nuclear talks.
“Investors scooped up short-term profits on the news suggesting progress in the US-Iran nuclear talks, but fresh buying kicked in again after the technical corrections as global supply is expected to stay tight’’, said Tatsufumi Okoshi, a senior economist at Nomura Securities.
US President Joe Biden’s administration on Friday restored sanctions waivers to Iran to allow international nuclear cooperation projects, as the talks on the 2015 international nuclear deal enter the final stretch.
Brent crude was up 60 cents, or 0.6%, at $92.36 a barrel. US West Texas Intermediate crude climbed 25 cents, or 0.3%, to $91.05 a barrel, near its 7-year high hit on Friday, having fallen to as low as $90.36 earlier in the session. — Reuters
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