In the U.S., most capacity restrictions will be lifted in states around the New York region starting later this month.
“We’ve likely put the worst of Europe behind us,” and “as they turn toward reopening, that will help,” said Rob Haworth, senior investment strategist at U.S.
benchmark crude futures have rallied more than 30 per cent this year, but the market continues to face an uneven global demand recovery as some countries suffer from new waves of coronavirus cases.
Iraq’s oil minister, Ihsan Abdul Jabbar, said crude would probably remain around US$65 in the coming months.
In options markets, there are signs that traders may be looking to cover in the case global benchmark Brent futures surge in the back half of the year.
Commodities have been caught up in the ongoing reflation trade, as signs of solid economic growth in countries such as the U.S.
A deal would potentially lead to Washington easing sanctions on Iranian crude exports, though U.S.