New York — Oil futures rose on Monday after Opec sources said Saudi crude production unexpectedly fell in July, raising concerns about global oil supplies as the US prepares to reinstate sanctions against major exporter Iran.Brent crude futures rose 94c to $74.15 a barrel, a 1.3% gain, by 3.25pm GMT.US West Texas Intermediate crude futures rose $1.23 to $69.72 a barrel, a 1.8% gain.Saudi Arabia pumped about 10.29-million barrels a day of crude in July, two Opec sources said on Friday, down about 200,000 barrels a day from a month earlier.That came despite a pledge by the Saudis and top producer Russia in June to raise output from July, with Saudi Arabia promising a "measurable" supply boost."The Saudis are reining in production gains in an attempt to maintain Brent pricing" at between $70 and $75 a barrel, Jim Ritterbusch, president of Ritterbusch and Associates, said in a note.US investment bank Jefferies said in a note that "the Saudi and Russian production surges appear to be mor...
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