Brent, WTI Prices Turn Higher

Oil prices rose on Monday, reversing earlier losses, as investors kept bullish sentiment on expectations that global supply would remain tight as demand picks up and shrugged off signs of progress in the US-Iran nuclear talks.
“Investors scooped up short-term profits on the news suggesting progress in the US-Iran nuclear talks, but fresh buying kicked in again after the technical corrections as global supply is expected to stay tight,” said Tatsufumi Okoshi, a senior economist at Nomura Securities.
Brent crude was up 60 cents, or 0.6%, at $93.87 a barrel, after touching its highest since Oct. 3, 2014, of $94.00 earlier. It slid to as low as $92.47 in an early trade, CNBC reported.
US West Texas Intermediate crude climbed 25 cents, or 0.3%, to $92.56 a barrel, near its seven-year high hit on Friday, having fallen to as low as $91.36 earlier in the session.
Both benchmarks rose more than $2 on Friday, extending their rally into a seventh week on ongoing worries about supply disruptions fueled by political turmoil among major world producers.
US President Joe Biden’s administration on Friday restored sanctions waivers to Iran to allow international nuclear cooperation projects, as talks on the 2015 international nuclear deal enter the final stretch.