Oil Up, Near $70 A Barrel As Demand Outlook Improves

• Oil prices firmed on Monday, with Brent trading near $70 a barrel on growing optimism that fuel demand will grow in the next quarter, while investors looked ahead to see how producers will respond at this week's OPEC+ meeting. 
• Trading was thin as U.S. and UK markets were closed on Monday due to public holidays. Brent crude futures settled up 60 cents, or 0.9%, at $69.32 a barrel, off the a session high of $69.82. U.S. West Texas Intermediate crude rose 0.9% and last traded at $66.91 a barrel. Both contracts were set for a second monthly gain. 
• Analysts expect oil demand growth to outstrip supply despite the possible return of Iranian crude and condensate exports (A natural gas liquid with a low vapor pressure). 
• Iran has been in talks with world powers since April, working on steps that Tehran and Washington must take on sanctions and nuclear activities to return to full compliance with the 2015 nuclear pact.
• The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia will meet on Tuesday. The group known as OPEC+ is expected to stay the course on plans to gradually ease supply cuts until July.

(Source: Reuters)