OIL PRICE: NOT ABOVE $70

Brent fell 9 cents, 0.1%, to $69.37 a barrel. WTI was at $66.90 a barrel, up 5 cents, or 0.1%.

“$65-$70 should still be the holding zone for oil unless there is a very good reason to go above $70,”

Brent and WTI are both on track to post weekly gains of 5% to 6% as analysts expect global oil demand to rebound closer to 100 million barrels per day in the third quarter on summer travel in Europe and the United States following widespread COVID-19 vaccination programmes.

Robust economic data from the United States, the world’s largest economy and oil consumer, also buoyed risk appetite. The number of Americans filing new claims for unemployment benefits fell to the lowest since mid-March 2020, beating estimates.

Balancing expectations of a recovery in demand against a possible increase in Iranian supply, the Organization of the Petroleum Exporting Countries and allies including Russia, a group known as OPEC+, is likely to stick to the existing pace of gradually easing oil supply curbs at a meeting on Tuesday, OPEC sources said.

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