WTI Crude
63.90
Brent Crude
69.34
Natural Gas
3.14

US crude rises 29 cents, settling at $61.73, as geopolitical tension offsets US output

Published by CNBC

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  • Brent has risen by more than 10 percent since December.
  • Oil has been supported by OPEC-led cuts, strong economic growth and tensions in OPEC-member Iran.
  • Soaring U.S. crude production could undermine the rally.

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 Energys 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.

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