SINGAPORE- Oil prices climbed in early Asian trade on Monday, underpinned by the bright outlook for fuel demand growth in the next quarter, while investors looked ahead to the OPEC+ meeting this week for supply guidance.
Brent crude futures for August nudged up 7 cents, or 0.1 percent, to $68.79 a barrel after settling at their highest in two years on Friday. US West Texas Intermediate crude for July was at $66.45 a barrel, up 13 cents, or 0.2 percent.
Both contracts are on track for a second monthly gain as analysts expect oil demand growth to outstrip supply despite the possible return of Iranian crude and condensate exports.
Iran has been in talks with world powers since April working on steps that Tehran and Washington must take on sanctions and nuclear activities to return to full compliance with the 2015 nuclear pact.
