Oil Prices Climb As U.S. Energy Firms Cut Rigs, Iran Sanctions Loom


Oil Prices Climb As U.S. Energy Firms Cut Rigs, Iran Sanctions Loom

Oil prices rose on Monday as the number of U.S. rigs drilling for new production was cut last week and as the market is expected to tighten once U.S. sanctions against Iran’s crude exports kick in from November.

U.S. West Texas Intermediate (WTI) crude futures were at $68.09 per barrel at 0055 GMT, up 34 cents, or 0.5 percent, from their last settlement.

Brent crude futures climbed 42 cents, or 0.6 percent, to $77.25 a barrel. Read more

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