Brent oil rises to four-year high ahead of Iran sanctions, traders eye more hikes
Troops from North and South Korea began removing some landmines along their heavily fortified border on Monday, the South’s defense ministry said, as part of a pact to reduce tension and build trust on the divided peninsula, Reuters reports.
Benchmark Brent crude oil futures LCOc1 rose to as much as $83.27 a barrel and were at $83.21 at 0339 GMT, up 48 cents, or 0.6 percent from their last close.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were up 32 cents, or 0.4 percent, at $73.57 a barrel.
WTI prices were supported by a report on Friday of a stagnant rig count in the United States, which points to a slowdown in U.S. crude production C-OUT-T-EIA, which now rivals top producers Russia and Saudi Arabia.