Oil rises after fourth weekly decline as supply risks persist

Oil rose in New York after a fourth weekly decline as a weaker dollar boosted the appeal of commodities and concerns over global supply disruptions persisted.

Photo: /ritzau/AP/LM Otero

West Texas Intermediate futures added 1.1 percent following a retreat of 2.5 percent last week. Three oil fields in the North Sea are winding down output before industrial action starts later Monday, a labor union said. Tensions in the Middle East remain high as the U.S. reimposes sanctions on Iran, while Saudi Arabia halted shipments via a key Red Sea shipping lane last week after two tankers were attacked by Yemen’s Houthi militia.

Oil has declined more than 6 percent this month on concern that a trade war between the U.S. and China will hurt global economic growth that underpins energy demand. Yet the losses have been capped as President Trump seeks to curtail oil exports from Iran after quitting an agreement that oversees the Islamic Republic’s nuclear program. Barclays Plc warned of  "significant upside risk" for prices in the fourth quarter as Trump’s policy takes effect.

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