Oil is trading higher for the fifth consecutive week due to strong economic growth, rising fuel demand and more travel.

Meanwhile, investors and traders await the outcome of the meeting of the Organization of Oil Exporting Countries and their OPEC+ allies this week as well as negotiations between Iran and the US, which has for some time now blocked Iranian crude exports to global markets.

One barrel of European reference oil Brent traded for USD 76.08 on Monday morning against USD 75.77 Friday afternoon. US counterpart West Texas Intermediate sold concurrently for USD 74.02 against USD 73.75.

From May to June, OPEC+ countries have gradually increased output by 2.1 million barrels per day.

The cartel is meeting this week to discuss whether last year's output cuts can be eased further.

"Demand recovery has caught everyone by surprise and OPEC needs to respond," says Howie Lee, economist at Singapore’s OCBC bank, to the news agency:

"There is some leeway for easing supply curbs given how high prices are, and we might see a 250,000 bpd increase from August."

ANZ and ING project an output boost of 500,000 bpd. ING analysts explain in a note cited by Reuters that an increase of less than 500,000 bpd would likely put even more upward pressure under prices in the short term.

Raising output by less than 1 million bpd would probably not impact prices, an analyst tells Reuters.

Negotiations between the US and Iran are expected to continue in the coming days. A monitoring agreement between Tehran and the UN expired last week.

A weakening US dollar as well as more risk aversion on global markets are buoying petroleum product prices denominated in USD, Reuters reports.

The US added 13 oil and gas rigs during June, marking the 11th month with such additions, figures provided by Baker Hughes show, according to the news agency.

English Edit: Daniel Frank Christensen

US Supreme Court dilutes ethanol fuel mix requirements

Norwegian bank predicts consolidation wave in drilling over the next year 

Big Oil CEOs join traders in seeing possibility of 100-dollar crude