Oil is hovering near its highest level in 3 years

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LONDON (Reuters) – Landed oil prices It was slightly lower on Thursday, but still close to its highest levels in nearly three years, supported by a draw in US inventories and the acceleration of German economic activity.
Prices were also supported by doubts about the future of the 2015 Iran nuclear deal, which could end US sanctions on Iranian crude exports.
Brent crude fell 18 cents, or 0.24 percent, to $75.01 a barrel by 10:55 GMT, after rising earlier to $75.78. And US crude fell 17 cents, or 0.23 percent, to $ 72.91 a barrel, after hitting its highest level in the session at $ 73.61 earlier.
The two benchmarks rose to their highest levels since October 2018 on Wednesday, but later pared the gains slightly.
OPEC and its allies, the group known as OPEC+, will meet in early July. Two sources in OPEC + said on Tuesday that the group is looking at further easing the record production cut applied since last year, starting in August, but no decision has been made on the specific volumes.
“Given good sentiment and strong demand, OPEC+ will likely find it easy to announce next week another increase in production, at least for August, without risking a rally in oil prices,” Commerzbank analysts wrote.





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