Geopolitical strife helped drive crude oil futures higher in value on Monday after the energy commodity last week endured its sharpest weekly losses since late last year, Bloomberg reports.
Negotiations between Iran and six global powers broke down regarding the ambitions of the oil-rich Middle-Eastern nation's nuclear program. Violent rebels in Nigeria, Africa's biggest producer of the energy commodity, killed 15 security guards during an attack on a high-producing state in the southern region of the nation. Crude oil prices climbed more than 1 percent on Monday following losses of 4.7 percent last week.
"We really have seen the bottom in the oil price after the recent selloff," senior broker Christopher Bellew with Jefferies Bache Ltd. in London told the news source on Monday.
At 11:03 a.m. on Monday, West Texas Intermediate crude oil futures climbed 0.45 percent, a 39-cent advance to $92.94 per barrel. At 10:58 a.m., Brent crude oil futures boosted 0.14 percent, a 15-cent rise to $104.44 per barrel.
Irani industry experts told Reuters that the nation is driving toward exporting more than 1 million barrels of the energy commodity per day later this month.
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