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Oil ebbs from multi-year highs on surge in U.S. drilling, Iran sanctions opposition

Reuters  |  SINGAPORE 

By Henning GloysteinSINGAPORE (Reuters) - Oil prices on Monday fell away from last week's multi-year highs as a relentless rise in U.S. drilling activity pointed to increased output, while resistance emerged in Europe and Asia to U.S. sanctions against major crude exporter Iran.Still, crude prices remained near more than three-year-highs reached last week as markets expect Iran's oil exports to fall significantly once U.S. sanctions bite later this year.Brent crude futures were at $76.79 per barrel at 0229 GMT, down 33 cents, or 0.4 percent from their last close.U.S. West Texas Intermediate ...

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First Published: Mon, May 14 2018. 08:20 IST
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