Oil hovers near three-year highs on recovery signs
Oil prices reversed losses on Thursday to move higher, holding close to their highest in almost three years, supported by drawdowns in U.S. inventories and accelerating German economic activity.
Doubts about the future of the 2015 Iran nuclear deal that could end U.S. sanctions on Iranian crude exports also helped prices.
Brent advanced 0.49% to settle at $75.56 per barrel. U.S. crude gained 0.3% to settle at $73.30 per barrel, after hitting a session high of $73.61 earlier.
Both benchmarks had hit their highest since October 2018 on Wednesday before slightly paring back gains.
Further stoking expectations of a European fuel demand recovery, data from Germany showed the largest upward leap in retail conditions since German reunification more than three decades ago.
Brent has gained more than 45% this year on the OPEC+ supply cuts and recovering demand. Some industry executives have talked of crude returning to $100 for the first time since 2014.
Iran said on Wednesday the United States had agreed to remove all sanctions on Iran’s oil and shipping but Washington said “nothing is agreed until everything is agreed” in talks to revive the 2015 Iran nuclear deal.
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