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Brent oil tops USD 70 as OPEC+ flags tightening market before meet

Solid recovery in the US and Europe boosts OPEC+ confidence in global markets despite a Covid-19 resurgence in Asia and potential revival of Iran's nuclear deal.

Photo: Magnus Holm

Brent oil advanced above USD 70 a barrel after the OPEC+ alliance forecast a tightening global market ahead of a production policy meeting.

Futures in London rose as much as 1.4 percent after posting a second straight monthly gain. The oil glut built up during the pandemic has almost gone and stockpiles will slide rapidly in the second half of the year, according to an assessment of the market from an OPEC+ committee. The coalition is expected to ratify a scheduled output increase for July when it meets later Tuesday.

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