Crude up as U.S. oil products jump before data; eyes on Iran

23-Jun-2015

Crude futures rallied by more than 1 percent on Tuesday, latching onto a rebound in oil products ahead of U.S. inventory data expected to show strong demand for gasoline.


Also supporting prices were signs of trouble with an impending Iranian nuclear deal that could delay Tehran's hopes of lifting Western sanctions on its oil exports.

A strong dollar, which usually pressures commodities such as oil, and worries about stubbornly high U.S. oil production did little to temper the rally.

Brent crude futures were up $1 or 1.6 percent, at $64.34 a barrel by 11:57 a.m. EDT.

U.S. crude futures rose 70 cents, or 1.2 percent, to $61.08.

Oil products gained even more, leading the charge higher.  (BY BARANI KRISHNAN Rueters


Also see our take on where oil prices are going.