Oil prices increased for the fourth straight day on Thursday, extending to a fresh 2-year high amid signs of a recovery in demand in the US, Europe, and China as vaccination programs allow more people to travel. On the supply side, OPEC+ agreed to gradually ease supply curbs through July, signalling the ongoing strengthening of market fundamentals. Meanwhile, two diplomats said the talks between the US and Iran over the latter’s nuclear programme, which began in April and are in their fifth round, were expected to adjourn for a week, likely resuming on June 10th and leaving only eight days to reach a pact before Iran’s June 18th presidential election. US government inventory data will due later on Thursday, delayed a day due to the Memorial Day holiday. At around 06:00 AM GMT, WTI crude added 0.6% to $69.24 a barrel, while Brent oil gained 0.7% to $71.83 a barrel.
