You are here: Home » Reuters » News
Business Standard

Oil steady near multi-year highs as U.S. drilling rises

Reuters  |  LONDON 

By Christopher JohnsonLONDON (Reuters) - Oil prices steadied below 3-1/2 year highs on Monday as resistance emerged in Europe and Asia to U.S. sanctions against major crude exporter Iran, while rising U.S. drilling pointed to higher North American production.Brent crude was up 20 cents at $77.32 a barrel by 1315 GMT and U.S. light crude rose 10 cents to $70.80.Both oil futures contracts hit their highest since November 2014 last week at $78 and $71.89 a barrel respectively as markets anticipated a sharp fall in Iranian crude supply once U.S. sanctions bite later this year.It is unclear how ...

This article is no longer available in our repository.

There could be multiple reasons for this.

First Published: Mon, May 14 2018. 18:54 IST
RECOMMENDED FOR YOU