Cranes at an oil industry support facility in Port Fourchon, Louisiana, U.S., on Wednesday, April 21, 2021.
Oil prices rose on Tuesday, with Brent gaining for a fourth consecutive session, as the prospect of extra supply coming to the market soon from Iran faded with talks dragging on over the United States rejoining a nuclear agreement with Tehran.
U.S. oil gained 41 cents, or 0.6%, to $71.29 a barrel, having slipped 3 cents in the previous session.
It is "looking increasingly unlikely that we will see the U.S. rejoin the Iranian nuclear deal before the Iranian Presidential Elections later this week," ING Economics said in a note.
"Additional supply from OPEC+ will be needed over the second half of this year, with demand expected to continue its recovery," ING said.
Brent, Russia —
European Union, ING, Organization of Petroleum Exporting, U.S . drillers, U.S . Energy, Administration
Port Fourchon , Louisiana, U.S, Iran, United States, Tehran, . U.S, Vienna, Russia, OPEC