Oil Prices Climb As US Drilling Stalls, Iran Sanctions Loom

Oil prices rose on Monday as US drilling for new production stalled and as the market eyed tighter conditions once Washington's sanctions against Iran's crude exports kick in from November. US West Texas Intermediate (WTI) crude futures were at $67.96 per barrel at 0150 GMT, up 21 cents, or 0.3 per cent, from their last settlement. 
Brent crude futures climbed 30 cents, or 0.4 per cent, to $77.13 a barrel. US energy companies cut two oil rigs last week, bringing the total count to 860, energy services firm Baker Hughes said on Friday. The US rig count has stagnated since May, after staging a recovery since 2016, which followed a steep slump the previous year amid plummeting crude prices. For more information Visit : www.dollaradvisory.com and Call : ✆ +91 9111179961