Oil Recovers Most of Last Week’s Losses

Oil prices rose on Monday, as recent fears of a sudden rise in the global output eased, with the U.S. benchmark futures finished at their highest level in a week.

Recent remarks by the United States government suggested that there are concerns about Iran’s commitment to renewing the nuclear deal.

Positive media reports about the nuclear talks prompted expectations that sanctions on Tehran might be lifted, allowing a return to the international oil market, causing disruptions to the global market’s balance.

Brent crude futures for July delivery closed higher by $2.02, or 3%, at $68.46 per barrel.

The global benchmark futures recovered most of last week’s losses, after ending Friday with a weekly decline of 3.3%.

Meanwhile, the U.S. West Texas Intermediate (WTI) crude oil futures for July delivery increased by $2.47, or 3.9%, to finish at $66.05 per barrel, its highest since May 17.