Oil Rises a Second Day on Signs Sanctions on Cut Supplies

Oil rose for a second day in New York on signs that sanctions on Iran are succeeding in cutting the nation’s crude exports.

Futures climbed as much as 0.4 percent after gaining 1.4 percent yesterday. U.S. lawmakers proposed new sanctions against Iran’s nuclear program, while Barclays Capital said shipments from the Persian Gulf nation have dropped by 300,000 to 400,000 barrels a day. London-traded Brent’s premium to New York crude rose to the widest in almost a month. U.S. gasoline demand weakened and crude stockpiles at Cushing, Oklahoma, climbed to the highest level since July.