Oil prices traded higher on Wednesday, extending a strong rally in the prior session that saw prices rose to near 2-year highs as OPEC+ agreed to keep to their plan to gradually ease supply curbs through July. At the same time, market participants were upbeat that fuel demand will grow in the coming months as the US summer driving season gets underway. Sentiment was also buoyed by reports that the WHO had approved a COVID-19 vaccine made by Sinovac for emergency use listing, paving the way for a second Chinese shot to be used in developing countries. On the data front, strong manufacturing PMIs for May were registered in The US and China. Regarding Tehran nuclear talks, two Western diplomats and an Iranian official said the talks would likely pause on Thursday, but it was unclear if talks would resume before Iran’s June 18th presidential election. At around 06:00 AM GMT, WTI crude added 0.5% to $68.05 a barrel, while Brent oil gained 0.6% to $70.65 a barrel.
