SINGAPORE — Oil prices rose on Monday, lifted by a drop in U.S. drilling activity as well as by expectations that the United States could re-introduce sanctions against Iran.
U.S. WTI crude futures were at $65.18 a barrel at 0025 GMT, up 24 cents, or 0.4 percent, from their previous settlement.
Brent crude futures were fetching $69.67 per barrel, up 33 cents, or 0.5 percent.
Stephen Innes, head of trading for Asia/Pacific at futures brokerage OANDA in Singapore, said oil markets remained nervous about “whether or not the U.S. administration will scrap or maintain the fragile nuclear deal with Iran.”
Innes said prices were also supported by a weekly report that there was a drop in activity of drilling for new oil production in the United States.