Oil futures: Crude markets hold firm, Brent consolidates above $70/b

London (Quantum Commodity Intelligence) – Crude oil futures remained on solid footing in Asian trading hours Wednesday, as demand growth optimism and tight OPEC discipline continues to underpin prices.

Brent futures for front-month August were trading at $70.60/barrel (0615 GMT), compared to Tuesday's settle of $70.25/b, an increase of 0.5%.

At the same time July WTI was trading $68.00/b, up 0.41% from Tuesday's settle of $67.72/b.

Ministers from the OPEC+ group of oil producers agreed Tuesday to stick with the current policy of gradual output increases in for June and July, but deferred any decision on August production until a later date.

The decision was widely anticipated with members of the 23-country group waiting for further clarity on a timetable for the possible lifting of Iranian sanctions.

Brent futures traded up to $71.34/barrel on Tuesday, the highest price since mid-March.

OPEC+ will meet again July 1, while a separate OPEC only meeting is scheduled for June 24. 

Meanwhile, the immediate threat of the return of Iranian barrels has eased with negotiators still working on details.

'The apparent final round of talks between Iran and world powers in Vienna failed to reach an agreement. Tehran's negotiators now don't expect a new nuclear deal until just before Hassan Rouhani's term ends in August,' said Daniel Hynes, Senior Commodity Strategist at ANZ.