Oil extends gains on OPEC+ supply discipline and demand prospects

Oil rose, supported by an OPEC+ decision to stick to its plan to restore supply to the market gradually and by the slow pace of nuclear talks between Iran and the United States.

Brent rose 83 cents, or 1.2%, to $71.08 a barrel by 1121 GMT. U.S. West Texas Intermediate (WTI) crude was up 69 cents, or 1%, at $68.41.

Expecting a recovery in demand, the Organization of the Petroleum Exporting Countries (OPEC) and its allies, together known as OPEC+, agreed on Tuesday to keep to their plan for a gradual easing of supply curbs through July.

The OPEC+ meeting took only 20 minutes, the shortest in the group's history, indicating the unity among its members and their confidence in the market's recovery, analysts said.

OPEC+ data shows the group is now more upbeat about the pace of rebalancing in the oil market than it was a month ago.

Saudi Energy Minister Prince Abdulaziz bin Salman said there has been solid demand recovery in the United States and China and he believes that the pace of COVID-19 vaccine rollouts can only lead to further rebalancing of the global oil market.