Oil prices gain on supply concerns in Iran, Libya, Canada

Oil prices gain on supply concerns in Iran, Libya, Canada

WAAR-DUHOK:

 

Oil prices gained on Monday, with U.S. crude ending a choppy session higher on expectations for a Canadian production outage lasting until September, while global benchmark Brent gained on looming sanctions on Iran and falling output in Libya.

U.S. light crude futures gained 5 cents to settle at $73.85 a barrel. Brent jumped 96 cents at $78.07.

“We continue to see the oil market supported, with growing concern on sanctions on Iran now that the European and Korean refiners reduced their purchases to virtually zero,” said Andrew Lipow, president of Lipow Oil Associates.

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