Oil price edges up as rising demand faces Iran supply worries

After gaining over 5% in the prior two sessions, Brent futures rose 19 cents, or 0.3%, to settle at US$68.65 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 2 cents to settle at $66.07. That was the highest close for both benchmarks in a week.

NEW YORK: Oil prices moved a shade higher on Tuesday as rising demand from the approach of the Northern Hemisphere's summer driving season and lifting of coronavirus restrictions mixed with worries that Iran's possible return to the market will cause a supply glut.

After gaining over 5% in the prior two sessions, Brent futures rose 19 cents, or 0.3%, to settle at US$68.65 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 2 cents to settle at $66.07.