Oil prices extended gains on Tuesday, supported by comments from Israeli Prime Minister Benjamin Netanyahu. Oil prices jumped on Monday.
Netanyahu said that he was sure US President Donald Trump would do “the right thing” in reviewing Iran’s nuclear deal with western powers.
US West Texas Intermediate crude for June delivery CLc1 was up 11 cents, or 0.2 per cent, at $68.68 a barrel by 0114 GMT, after settling up 47 cents on Monday.
London Brent crude LCOc1 for new July delivery was up 11 cents at $74.80. The June contract expired on Monday, settling up 53 cents at $75.17, reports Reuters.
Oil prices rose to the highest since November, 2014 in late April, driven by concern over potential disruptions to Iranian crude flows.
Analysts said the market is extremely sensitive to any developments on the nuclear deal and sanctions.
Meanwhile, US crude production jumped 260,000 barrels per day (bpd) to 10.26 million bpd in February, the highest on record, the Energy Information Administration said in a monthly report on Monday.
Trade was quiet in Asia as many markets including China, India and Singapore were closed on Tuesday for public holidays.
