West Texas Intermediate, the USA marker, is now near $62 a barrel.
Brent crude, the benchmark for more than half the world's oil, traded at $65.07 a barrel at 10:11 a.m.in London on Monday, compared with about $45 in June.
However, if predictions from Warren Patterson, a commodities strategist at ING Groep NV, prove accurate, Iran has nothing to worry about: because US activity is angering OPEC allies to the degree they will soon abandon the cartel's production cutback deal, pump all out, and drive prices back down again.
Oil prices settled with a loss on Monday (http://www.marketwatch.com/story/oil-prices-pull-back-from-strong-finish-last-week-as-market-renews-us-supply-watch-2018-03-12), giving back part of the sharp gains seen in the previous session as recent data showed a rise in weekly USA output, as well as expectations for a further increase in domestic production next month.
Both crude benchmarks dropped by around one per cent the previous session.
Mourinho hits back at 'worst ever' Premier League manager De Boer
This season, the England global has now scored six times in the league, but he has mostly been used as a substitute. He wants to get results. 'I try to give the best to the kid.
Castro trusts his team's ability to defeat Man United
The Spanish side had the better of the first leg, but a combination of De Gea's saves and poor finishing left them frustrated. Sevilla fell to a demoralizing 2-0 defeat to Valencia at home and will look to bounce back.
Florida and Florida State prepare for first-round matchups in NCAA Tournament
They made the tourney previous year , beating Florida Gulf Coast in the first round before falling to Xavier in the second round. Wins over Clemson, North Carolina and Florida impressed the Selection Committee, though, so the Noles are in the field of 68.
Investors are weighing increased US supply against the likelihood that the Organization of the Petroleum Exporting Countries will maintain supply cuts that have been in effect more than a year. Some of that early slide was probably profit-taking after a rise on Friday, said Jim Ritterbusch, president of energy advisory firm Ritterbusch & Associates.
U. S. Stocks closed mixed, with the S&P 500 and Dow Jones Industrial Average ending in the red, while the Nasdaq Composite added about 28 points. S. crude fell as much as 2.21 percent. That is not far off the 2.957 percent yield on February 21, the highest since the instrument yielded more than 3 percent in January 2014. "They continue to give market share away to the U.S".
Wall Street's main indexes closed up almost 2 percent on Friday on the strength of the jobs report, and have almost reversed declines in recent weeks when investors feared that higher wages might lead to price pressures.
MSCI's world equity index . The dollar index fell 0.05 percent, with the euro up 0.06 percent to $1.2312. A stronger dollar would likely dent oil prices.