Declining chart of crude oil barrels. Oil advanced in Asian trading with the market focused on the Organisation of the Petroleum Exporting Countries (OPEC+) supply policy meeting early this week and any commentary around the prospect for returning Iranian supply. Futures in New York rose toward $67 (Sh7,169) a barrel after falling 0.8 per cent on Friday. While rebounding demand is driving prices higher, the possibility of more barrels from Iran should a nuclear deal be revived is clouding the outlook. Meanwhile, Iran started its first transfer of crude oil via its strategic Goreh-Jask pipeline, allowing the country to bypass the Strait of Hormuz, the state-run Islamic Republic News Agency reported.

Source: Standard Digital June 01, 2021 13:52 UTC