Oil rebounded from the biggest weekly loss in two months after one of Iran’s major customers cut purchases to zero ahead of U.S. sanctions and as the number of rigs searching for crude in America dropped.
Futures in New York added as much as 0.6 percent after a 2.9 percent slide last week. South Korea didn’t import any crude from Iran last month, compared with 194,000 barrels a day in July, tanker-tracking and shipping data compiled by Bloomberg show. Meanwhile, working oil rigs in the U.S. fell by two last week as maxed-out pipelines in America’s busiest shale basin took a toll on drilling activity.
West Texas Intermediate for October delivery rose as much as 42 cents to $68.17 a barrel on the New York Mercantile Exchange at 9:21 a.m. in Tokyo. The contract declined $2.05 to $67.75 last week. Total volume traded was about 33 percent below the 100-day average.
Brent for November settlement climbed as much as 47 cents to $77.30 a barrel on the ICE Futures Europe exchange. The contract rose 33 cents to $76.83 on Friday. The global benchmark crude traded at a $9.29 premium to WTI for the same month, on course for the widest close since June 19.
Source : Bloomberg