Oil rises 1 percent on signs OPEC not prepared to boost output | Reuters

Oil rises 1 percent on signs OPEC not prepared to boost output | Reuters:

Oil futures rose more than 1 percent on Tuesday on signs that OPEC would not be prepared to raise output to address shrinking supplies from Iran, and as Saudi Arabia signaled an informal target near current levels.

Brent crude LCOc1 futures were up 89 cents, or 1.1 percent, to $78.94 a barrel by 12:58 p.m. EDT (1658 GMT).

U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 88 cents, or 1.3 percent, to $69.79 a barrel.