MELBOURNE- Oil prices rose for a second day on Wednesday on signs of strong fuel demand in Europe, while the prospect of a near-term return of Iranian oil supply faded as the US secretary of state said sanctions against Tehran were unlikely to be lifted.
Brent crude futures were up 15 cents, or 0.2 percent, at $72.37 a barrel and earlier rose to $72.58, the highest since May 20, 2019. Brent rose 1 percent on Tuesday.
US West Texas Intermediate (WTI) crude futures jumped 20 cents, or 0.3 percent, to $70.25 a barrel after rising to as high as $70.42, the most since Oct. 17, 2018. Prices climbed 1.2 percent on Tuesday.
The market is being boosted by a solid outlook for fuel demand growth as travel curbs are lifted in Europe with more people getting vaccinated. — Reuters
