Oil Falls as U.S. Supply Gain Counters Output Disruption
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Oil gained in New York, erasing losses and trading below $80 a barrel for a fifth day as disruptions to Norway’s output and a possible shortfall from Iran offset concern that use is ebbing amid Europe’s debt woes.
Futures rose as much 0.5 percent after Norwegian fields closed in a labor dispute and as the European Union prepares additional sanctions on Iran’s energy industry. Iranian exports will fall “gradually” fall during maintenance on fields and reservoirs and as the EU embargo takes effect starting July 1, Deputy Oil Minister Ahmad Qalebani said yesterday. EU leaders will begin a two-day summit meeting tomorrow to address the bloc’s debt crisis.