Oil up on geopolitical tensions, U.S. rig count ahead
Investing.com
Published Feb 03, 2017 08:37AM ET
Oil was higher Friday as geopolitical tensions grew between the U.S. and Iran.
Brent crude was up 17 cents, or 0.30%, at $56.73 at 08:15 ET. U.S. crude added 12 cents, or 0.22%, to $53.66.
The U.S. could impose fresh sanctions on Iran after Tehran tested a ballistic missile.
The market was underpinned by upbeat remarks by Russia on compliance with output cuts.
OPEC and non-OPEC producers plan to cut output by some 1.8 million barrels a day in the first half of this year.
Baker Hughes U.S. rig count figures are due out later in the session.
An increase in U.S. drilling activity could undermine the impact of the agreed cuts
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Written By: Investing.com
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