Oil extends gains on OPEC+ supply discipline

Oil rose on Wednesday, supported by an OPEC+ decision to stick to its plan to restore supply to the market gradually and by the slow pace of nuclear talks between Iran and the United States.

Brent rose 83 cents, or 1.2%, to $71.08 a barrel by 1121 GMT. U.S. West Texas Intermediate (WTI) crude was up 69 cents, or 1%, at $68.41.

“The strong demand dynamics and likely delays in the Iran nuclear deal negotiations pushed oil prices above the much-watched $70 per barrel level,” said Norbert Rucker, analyst at Swiss bank Julius Baer.

Egdon Resources plc (LON:EDR) is an independent onshore focused oil and gas exploration and production business. An established oil and gas exploration and production business with 41 licences in proven oil and gas producing basins in the UK.

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