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OIL

Oil is higher in Asia-Pac trade on Wednesday, approaching Tuesday's highs after giving back some gains into the close. WTI is up $0.24 from settlement levels at $67.96/bbl while Brent is up $0.24 at $70.49/bbl. Yesterday's close was the highest since 2018 as markets priced in a more protracted period of negotiations that could stall Iran's re-entry to international oil markets Saudi Arabia's energy minister also helped engender bullish sentiment saying there were clear signs of improvement in the demand picture as the OPEC+ group confirmed a supply increase in July. As a note API figures are delayed to the US holiday on Monday and so will be published later today.

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