Oil prices rise, on fall in US rig count and looming sanctions against Iran
‘Governments can talk tough. They can say they are going to stand up to Trump and/or push for waivers. But generally the companies we speak to … say they won’t risk it’
Singapore — Oil prices rose on Monday as US drilling for new production stalled and as the market eyed tighter conditions once Washington’s sanctions against Iran’s crude exports kick in from November. US West Texas Intermediate (WTI) crude futures were at $68.19 a barrel at 3.44am GMT, up 44c or 0.65% from their last settlement. Brent crude futures climbed 50c or 0.65% to $77.33 a barrel. US energy companies cut two oil rigs last week, bringing the total count to 860, energy services firm Baker Hughes said on Friday. The US rig count has stagnated since May, after staging a recovery since 2016, which followed a steep slump the previous year amid plummeting crude prices. Outside the US, new US sanctions against Iran’s crude exports from November were helping push up prices. Energy consultancy FGE said several major customers of Iran — including India, Japan and South Korea — were already cutting back on Iranian crude. "Governments can talk tough. They can say they are going to stand...
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