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Oil prices climb on global demand and U.S. sanctions on Iran

Reuters  |  LONDON 

By Christopher JohnsonLONDON (Reuters) - Oil prices rose on Monday as increased global demand and U.S. efforts to shut out Iranian output through the use of sanctions outweighed drilling data suggesting that U.S. shale production would climb.Benchmark Brent crude oil was up 60 cents at $77.71 a barrel by 1330 GMT. U.S. light crude rose 10 cents to $73.90."Oil prices are starting the week on the front foot in anticipation of reduced supplies from Iran after U.S. sanctions," said Stephen Brennock, analyst at London brokerage PVM Oil Associates.The United States says it wants to reduce oil ...

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First Published: Mon, July 09 2018. 19:16 IST