Oil Toys With $62 Amid Iranian Friction, U.S. Drilling Pullback
- Anti-government protests exposed need for freedoms: Rouhani
- U.S. oil rig count at lowest since November as WTI rallies
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Oil rose, clinging to last week’s gains as political tensions in Iran and declining exploration work in the U.S. threatened output growth.
Futures advanced 0.5 percent on Monday, settling near $62-a-barrel in New York. A simmering power struggle in Iran has raised anxieties over the stability of OPEC’s third-largest crude producer. Meanwhile, U.S. explorers cut the number of rigs searching for oil last week by the biggest margin in two months.