Oil nears $70 a barrel lifted by brighter demand outlook

Both Brent and West Texas Intermediate were set for a second monthly gain as analysts expect oil demand growth to outstrip supply.

Oil prices firmed on Monday, with Brent trading near $70 a barrel on growing optimism that fuel demand will grow in the next quarter, while investors looked ahead to see how producers will respond at this week’s OPEC+ meeting. Trading was thin as markets in the United States and United Kingdom were closed on Monday due to public holidays. Brent crude futures settled up 60 cents, or 0.9 percent, at $69.32 a barrel, off a session high of $69.82. US West Texas Intermediate crude rose 0.9 percent and last traded at $66.91 a barrel. Both contracts were set for a second monthly gain. Analysts expect oil demand growth to outstrip supply despite the possible return of Iranian crude and condensate exports.