Oil prices rose Monday during Asian trading hours. U.S. crude was up 1.16% at $64.32 a barrel while global benchmark Brent was up 1.11% to $67.18.
Last week, both contracts registered weekly losses amid concerns of more Iranian oil hitting the market. Iran’s president reportedly said the U.S. was ready to lift sanctions on his country’s oil, banking and shipping sectors.
Investors appear to be upbeat about fuel demand recovery in the U.S. and Europe as countries emerge from lockdowns and more vaccinated individuals plan their travels over the summer.
PetroNeft Resources plc (LON:PTR) is an international oil and gas exploration and production company, focussed on Russia. The company’s shares are listed on the London AIM and Dublin ESM Markets.