By Gina Lee

Investing.com – Oil was on Monday morning in Asia, reversing some earlier losses. As global demand for fuel increases, investors expected that supply will remain limited. Investors did not notice small progress in U.S.-Iran nuke talks.

They were at $93.56 (11:44 ET) (4:44 GMT), and had edged down 0.1% to $92.15.

Brent and WTI futures rose by more than $2 Friday. The gains were recorded in the seventh week consecutively as supply disruption worries continued to boost the black liquid.

As talks about the 2015 international nuke deal move into their final phase, the U.S. has restored Iran’s sanctions waivers during the week. Iran’s sanctions could be lifted completely, which would allow the country to increase its oil supply and boost global demand.

Tatsufumi OKoshi, Nomura Securities’ senior economist, said that while investors took short-term profit on the news suggesting U.S./Iran nuclear negotiations progresses, new buying started again after technical corrections. Global supply is expected stay tight so Tatsufumi Okoshi of Nomura Securities spoke to Reuters.

According to Kazuhiko Saido, chief analyst at Fujitomi Securities Co. Ltd., other investors also agreed and expect “more twists in U.S.–Iranian negotiations and no agreement to being reached anytime soon.”

Saito said that the market tone remained bullish with investment bankers predicting Brent reaching $100 a barrel. Global supply continues to be tight due to OPEC+ failing their output targets, and the United States not increasing output as much.

The Organization of the Petroleum Exporting Countries (OPEC) and allies (OPEC+)’s struggle to meet targets continues, despite pressure ongoing to raise production more quickly. The U.S. has seen an increase in rig counts for 18 consecutive months. However, the oil production levels are still below pre-COVID-19 records.

Tensions remain in Eastern Europe. The U.S. White House National Security Advisor Jake Sullivan warned on Sunday that Russia could invade Ukraine in days or weeks. However, he suggested that the United States could choose to pursue a diplomatic route. Russia is the world’s second-largest oil exporter.