Oil prices rose to nearly $ 70

Baghdad Oil prices rose today, Friday, to nearly $ 70 a barrel, as the market was supported by strong US economic data and expectations of a strong recovery in global demand for fuel in the third quarter of the year.

Brent crude futures for July rose 32 cents, or 0.5 percent, to $69.78 a barrel by 06:10 GMT, while US West Texas Intermediate crude for July reached $67.18 a barrel, up 33 cents, 0.5 percent.

“Oil is trending higher on the back of strong US economic data and growing sentiment that if the Iran nuclear deal is revived, it will not include an immediate lifting of sanctions and that the oil market will not be inundated with oversupply quickly,” said Edward Moya, analyst at OANDA.

Analysts expect Iran to add between 500,000 and 1.5 million barrels per day of crude and condensate to the market once sanctions are lifted.

Source: National Iraqi News Agency