Oil Climbs Toward $67

Oil advanced in Asian trading with the market focused on an OPEC+ supply policy meeting early this week and any commentary around the prospect for returning Iranian supply.
Futures in New York rose toward $67 a barrel after falling 0.8% on Friday. OPEC and its allies are expected to stick with a decision to boost output in July when the group convenes on Tuesday, according to a Bloomberg survey last week. 
While rebounding demand is driving prices higher, the possibility of more barrels from Iran, should a nuclear deal be revived, is clouding the outlook.
Iran and world powers have resumed discussions, Russia’s envoy to the United Nations in Vienna, Austria, said in a tweet, adding that there was an understanding among the countries involved that “the current round should be final”.
Oil is poised for a second straight monthly gain as the US, China and parts of Europe lead a robust demand recovery from the Covid-19 pandemic, despite a virus comeback across Asia. 
American gasoline stockpiles have declined and consumption gained in the lead up to the Memorial Day weekend, which heralds the start of the summer driving season and peak fuel demand.
“The best course of action for the alliance tomorrow may be to stay on an even keel, maintaining the current pace of tapering,” said Vandana Hari, founder of oil consultancy Vanda Insights. 
“The latest waves driven by virus variants and a slow pace of vaccinations suggests it will be a very gradual exit from the pandemic through the second half.”