World oil prices climbed today after a key US government report showed that US stockpiles of gasoline or petrol were unchanged last week.
The market was also awaiting a report by the UN atomic watchdog on the controversial nuclear programme being pursued by Iran, the world's fourth biggest producer of crude oil.
Brent crude for July delivery jumped by $1.12 to $69.91 per barrel in electronic deals.
New York's main contract climbed 68 cents to $66.03 per barrel in floor trading.
Prices reversed earlier losses after the US Department of Energy said US inventories of motor fuel were flat at 201.5 million barrels in the week ending June 8.
Market expectations were for a gain of 1.6 million barrels - which would have been the sixth weekly increase in a row for petrol.
Yesterday, the International Energy Agency raised its prediction for global crude demand this year.
The IEA predicted that global oil demand would increase by 2% this year, revising upwards an earlier estimate by some 400,000 barrels per day, owing partly to a big adjustment of previous demand data.
In its report, however, the IEA also warned that oil market supplies would be tight in the second half of this year, which risked pushing up prices.
