Oil edges up as rising demand faces Iran supply worries

Oil prices moved a shade higher on Tuesday as rising demand from the approach of the Northern Hemisphere’s summer driving season and lifting of coronavirus restrictions mixed with worries that Iran’s possible return to the market will cause a supply glut.

After gaining over 5% in the prior two sessions, Brent futures rose 19 cents, or 0.3%, to settle at $68.65 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 2 cents to settle at $66.07.

That was the highest close for both benchmarks in a week.

In post-settlement trade, Brent crude pared gains slightly and U.S. crude fell to $65.99 after trade group the American Petroleum Institute released weekly inventory estimates.