Oil prices rise on upbeat demand view and Iraq supply cut

Bullish outlook: Aramco sees oil demand rebounding in Asia as economies gradually opened up after the easing of coronavirus lockdowns. — Reuters

MELBOURNE: Oil prices climbed yesterday, supported by Saudi optimism about Asian demand and an Iraqi pledge to deepen supply cuts, although uncertainty over a deal to shore up the US economic recovery capped gains.

Brent crude futures rose 34 US cents, or 0.8%, to US$44.74 a barrel, while US West Texas Intermediate (WTI) crude futures were up 47 US cents, or 1.1%, to US$41.69 a barrel.