Crude oil futures ended higher for 2nd straight day on Wednesday amid rising hopes about a pick up in energy demand. Reports that there will be a delay in supply from Iran due to the slow pace of talks over the nuclear deal issue also contributed to the jump in oil prices. Talks between Iran and world powers with regard to revival of a 2015 nuclear deal are likely to be finalized in August. Meanwhile, 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 US 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.
Crude oil futures for July surged $1.11 or 1.6 percent to settle at $68.83 barrel on the New York Mercantile Exchange. August Brent crude rose $1.06 or 1.51 percent to settle at 71.31 a barrel on London's Intercontinental Exchange.