Welcome to the Reuters.com BETA. Read our Editor's note on how we're helping professionals make smart decisions.
Read more
Sign In
June 24, 202112:39 PM PDTLast Updated a month ago
Middle East
Oil settles up near 3-year highs on signs of demand growth
Laura Sanicola

3 minute read
1/2
A petrol station attendant prepares to refuel a car in Rome, Italy, January 4, 2012. REUTERS/Max Rossi/File Photo
Summary
U.S. crude, gasoline inventories fell last week -EIA
German data shows largest upward leap since 1990s
OPEC+ meeting on July 1 could ease output curbs further
GRAPHIC: Brent and WTI crude https://refini.tv/3w2pz6N
TOKYO, June 24 (Reuters) - Oil prices steadied on Thursday, holding close to their highest in almost three years, supported by drawdowns in U.S. inventories and accelerating German economic activity.
Prices also drew support from doubts about the future of the 2015 Iran nuclear deal that could end U.S. sanctions on Iranian crude exports.
Brent settled up 37 cents, or 0.5%, to $75.56 a barrel by 12:28 p.m. EDT (1628 GMT), after earlier rising to $75.78. U.S. crude settled up 22 cent to $73.30 a barrel, after hitting a session high of $73.61 earlier.
On Wednesday, both benchmarks hit their highest since October 2018. https://refini.tv/3w2pz6N
Data from Germany showed the largest upward leap in retail conditions since German reunification more than three decades ago, stoking expectations European fuel demand will recover.
Across the Atlantic, U.S. crude inventories dropped to their lowest since March 2020, official data showed. U.S. gasoline stocks also posted a surprise draw.
The Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+ that meets on July 1, have been discussing a further unwinding of last year's record output cuts from August but no decision has been made, two OPEC+ sources said on Tuesday. read more
On Wednesday, Iran said the United States had agreed to remove all sanctions on its oil and shipping but Washington said "nothing is agreed until everything is agreed" in talks to revive the 2015 Iran nuclear deal. read more
The end of sanctions and areturn of Iranian barrels to the global oil market "could still be months and not weeks away," said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois.
Indian Oil Minister Dharmendra Pradhan on Thursday urged OPEC to phase out crude output cuts as high prices are stoking inflation. read more
"Given the good sentiment and robust demand, OPEC+ is likely to find it easy next week to announce a further increase in production, at least for August, without jeopardizing the upswing enjoyed by the oil price," Commerzbank analysts wrote.
They said "the currently positive general tenor on the oil market" was driving prices up.
Brent has gained more than 45% this year on the OPEC+ supply cuts and recovering demand. Some industry executives have talked of crude returning to $100 for the first time since 2014. read more
Reporting by Yuka Obayashi; Editing by Raju Gopalakrishnan
Our Standards: The Thomson Reuters Trust Principles.
More from Reuters
Play video on original page

Read Next
Middle East
Two Turkish soldiers killed in attack in northern Syria
2:16 PM PDT
Middle East
Saudi-led coalition destroys drones launched by Yemen's Houthis, state media says
12:11 PM PDT
Middle East
Iran condemns U.N. criticism of deaths during protests in Khuzestan
11:52 AM PDT
Middle East
Turkey's COVID-19 cases climb to 12,381, highest since mid-May
10:07 AM PDT

Sign up for our newsletter
Subscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
Middle East
Middle East · 6:39 AM PDT
Iraq in fuel deal with Lebanon to boost its faltering power supply
Iraq has signed an agreement allowing the cash-strapped Lebanese government pay for 1 million tonnes of heavy fuel oil a year in goods and services, helping Lebanon ease its acute power shortage, the two sides said on Saturday.
Middle East
Over 71% of Lebanon's population risks losing access to safe water - UNICEF
July 23, 2021
Middle East
Jordan to vaccinate children aged 12 years and older against COVID-19
7:35 AM PDT
Middle East
Turkey's COVID-19 cases climb to 12,381, highest since mid-May
10:07 AM PDT
Middle East
Iran condemns U.N. criticism of deaths during protests in Khuzestan
11:52 AM PDT
Latest
Home
Media
Videos
Pictures
Graphics
Browse
World
Business
Legal
Markets
Breakingviews
Technology
Investigations
Lifestyle
About Reuters
About Reuters
Careers
Reuters News Agency
Brand Attribution Guidelines
Reuters Leadership
Reuters Fact Check
Reuters Diversity Report
Stay Informed
Download the App
Newsletters
Information you can trust
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Follow Us
Thomson Reuters Products
Westlaw
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
Onesource
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
Checkpoint
The industry leader for online information for tax, accounting and finance professionals.
Refinitiv Products
Eikon
Information, analytics and exclusive news on financial markets - delivered in an intuitive desktop and mobile interface.
Refinitiv Data Platform
Access to real-time, reference, and non-real time data in the cloud to power your enterprise.
World-Check
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
Advertise With Us
Advertising Guidelines
Cookies
Terms of Use
Privacy
Corrections
Site Feedback

All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2021 Reuters. All rights reserved