Brent 1st-nearby prices have neared the key level of $70/b this morning. Expectations of higher oil output from OPEC+ producers and the potential comeback of the Iranian oil on the market are more than offset by evidence of strong economic recovery in the US. The decline in US crude and products stocks as well as the strong recovery in US demand also continued to push prices higher, the WTI closing at its highest level since October 2018 yesterday.
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