Oil prices climb on global demand, U.S. sanctions on Iran | Reuters

Oil prices climb on global demand, U.S. sanctions on Iran | Reuters:

Oil prices rose on Monday as increased global demand and U.S. efforts to shut out Iranian output using sanctions outweighed drilling data suggesting U.S. shale production would climb.

Benchmark Brent LCOc1 was up 70 cents at $77.81 a barrel by 1150 GMT. U.S. crude CLc1 was unchanged at $73.80.

“Oil prices are starting the week on the front foot in anticipation of reduced supplies from Iran after U.S. sanctions,” said Stephen Brennock, analyst at London brokerage PVM Oil Associates.