Oil took a breather from its ascent to the highest level in almost four years, as investors weigh OPEC’s ability to replace falling Iranian exports.
Iranian crude and condensate exports declined to their lowest in 2 1/2 years before the impending return of U.S. sanctions. Meanwhile, the new U.S.-Mexico-Canada Agreement, which superseded the 24-year-old North American Free Trade Agreement, eased some concerns about global commerce. In the U.S., the industry-funded American Petroleum Institute was said to report domestic crude inventories rose 907,000 barrels last week.
