Oil hits new multi-year highs; investors eye Iran nuclear talks this week


By Florence Tan SINGAPORE (Reuters) - Oil extended gains to hit fresh multi-year highs on Monday, underpinned by a brighter economic and fuel-demand outlook, while investors eyed the outcome of talks between Iran and world powers over a nuclear deal that is set to boost crude supplies. Brent crude futures for August rose 28 cents, or 0.4%, to $72.17 a barrel by 0107 GMT, their highest since May 2019.

U.S. West Texas Intermediate crude for July touched $70 for the first time since October 2018 and was at $69.91 a barrel, up 29 cents,.

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