Oil Advances for a Second Day After Bullish Bets Increase
- Tanker chartered by Total being loaded in Iran as of Sunday
- Wagers on higher WTI crude prices rose to highest since June
Iranian Oil Weighs on Crude Prices
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Oil advanced a second day, rising briefly above $30 a barrel in New York for the first time in almost a week.
West Texas Intermediate futures rose 1.1 percent in electronic trading in New York after surging 12 percent on Friday. Speculators’ long positions in WTI through Feb. 9 rose to the highest since June, according to data from the U.S. Commodity Futures Trading Commission. Iran loaded its first cargo to Europe since international sanctions ended, while Chinese crude imports eased from a record.