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Oil prices rise amid supply cuts from Iran and Canada
Oil prices increased during early Asian trading on Tuesday due to concerns over reduced global fuel supplies, Reuters reported. The changes were driven by Iran’s possible rejection of the US nuclear deal and wildfires in Canada.
The price of Brent crude rose by 55 cents, or 0.85%. West Texas Intermediate (WTI) crude also saw an increase of 59 cents, or 0.94%.
Earlier, both contracts had strengthened by nearly 3% following OPEC+'s decision to maintain its July production hike at 411,000 barrels per day. This figure was lower than earlier expert estimates.
According to Daniel Hynes, a senior commodity strategist at ANZ, this decision influenced investor actions. After the alliance’s meeting results were announced, numerous market players have liquidated their short positions on oil.
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