Oil fell on Monday, after hitting a two-year peak above $72, on pressure from a possible increase in Iran’s exports, but the recovery in demand and supply restrictions from OPEC + provided some support.<\/p>\n\n\n\n
Demand increases in the United States and Europe with the easing of restrictions related to COVID-19, and India is easing its isolation measures in another step that may boost fuel consumption.<\/p>\n\n\n\n
OPEC and its allies adhered to agreed production limits until July.<\/p>\n\n\n\n
Brent crude fell 62 cents, or 0.9%, to $71.27 after the opening of European markets, after hitting $72.27 earlier, its highest level since May 2019.<\/p>\n\n\n\n
US West Texas Intermediate crude touched $70 for the first time since October 2018 but reversed the trend to trade down 66 cents, or 0.8%, to $69.07.<\/p>\n\n\n\n
Crude has risen over the past two weeks, and Brent has increased 37% since the beginning of the year thanks to supply restrictions imposed by OPEC and its allies, and demand partially recovering from the collapse caused by the pandemic.<\/p>\n\n\n\n
Iran and world powers start a fifth round of talks on June 10 in Vienna that could include the United States lifting economic sanctions on Iranian oil exports.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil fell on Monday, after hitting a two-year peak above $72, on pressure from a possible increase in Iran’s exports, but the recovery in demand and supply restrictions from OPEC + provided some support. Demand increases in the United States and Europe with the easing of restrictions related to COVID-19, and India is easing its …<\/p>\n","protected":false},"author":9,"featured_media":30928,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,36],"tags":[6846],"class_list":["post-46637","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-oil"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/46637","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=46637"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/46637\/revisions"}],"predecessor-version":[{"id":46638,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/46637\/revisions\/46638"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/30928"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=46637"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=46637"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=46637"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}