Oil prices were little changed on Monday, trading near their highest since May 2015, as political concerns in some OPEC nations offset projections for higher U.S. oil production.
“Oil prices are finely balanced in today’s trading session. Ongoing protests in Iran, together with recent detention of several princes in Saudi Arabia, have reinvigorated geopolitical concerns,” Abhishek Kumar, Senior Energy Analyst at Interfax Energy’s Global Gas Analytics in London.
”However, prospects for further increases in U.S. oil production amid recent improvements seen in oil prices continue to promote bearish sentiment,” Kumar said.
Brent futures LCOc1 were up 2 cents at $67.64 a barrel by 11:58 a.m. EST, while U.S. West Texas Intermediate (WTI) crude CLc1 rose 6 cents, or 0.1 percent, to $61.50.
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