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Crude oil futures are moving higher Wednesday morning, extending gains from the previous session, amid optimism about increased energy demand, and on the decision of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to gradually increase production.

West Texas Intermediate Crude oil futures for July are up 0.73 dollars or 1.08 per cent at 68.45 a barrel.

Brent crude futures are up 0.84 dollars or 1.2 per cent at 71.09 dollars a barrel.

After a meeting on Tuesday, the Organization of the Petroleum Exporting Countries and its allies agreed to gradually ease supply curbs through July.

Comments from Saudi Energy Minister Prince Abdulaziz bin Salman that he expects oil demand in the United States and China to see a significant recovery and the acceleration in vaccine rollouts will likely lead to a “further rebalancing of the global oil market,” further supported oil prices.
Reports that there will be a delay in supply from Iran contribute as well to the uptick in oil prices.

According to an Iranian official, talks between Iran and world powers with regard to revival of a 2015 nuclear deal are likely to be finalized in August.

Traders now look ahead to weekly crude inventories reports from the American Petroleum Institute (API) and Energy Information Administration (EIA), due out on Thursday.

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