Oil Stabilizes After Hitting Multi-Year Highs

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 LCOc1 was up 15 cents at $77.27 a barrel by 1130 GMT. U.S. light crude oil was up 5 cents at $70.75.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.

Source: Oil steady near multi-year highs as U.S. drilling rises | Reuters

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