U.S. oil prices settled higher on Monday as comments from the Iraqi oil minister cast doubt over a possible output increase by the Organization of the Petroleum Exporting Countries (OPEC) producers.
Iraq's oil minister Jabar al-Luaibi said on Monday that producers should not be influenced by pressure to pump more oil, amid reports that the U.S. government had unofficially asked Saudi Arabia and some other oil producers to raise output a day before Washington imposed new sanctions on Iran, according to CNBC.
U.S. oil prices reversed early losses to settle higher following the reports. However, the gains were capped as rising Russian and U.S. production put pressure on crude futures.
The number of rigs operating in U.S. oil fields rose by one to a total of 862 rigs last week, notching the highest level since March 2015, oilfield service firm Baker Hughes said in its weekly report on Friday.
The West Texas Intermediate for July delivery rose 0.36 U.S. dollar to settle at 66.10 dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery was unchanged at 76.46 dollars a barrel on the London ICE Futures Exchange.
Sources:cctvplus
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