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Oil rises as sanctions approach Iran and America looks to prevent shortages
Oil prices rose on Tuesday as US sanctions on Iran's oil sector approached, despite Washington's efforts to urge other major suppliers to compensate for the expected shortfall.
By 0637 GMT, US WTI futures averaged $ 67.70 a barrel, up 65 cents, or 0.2 percent, from the previous settlement.
London Brent crude was up 38 cents, or 0.5 percent, at $ 77.75 a barrel.
Washington is pressing other countries to stop oil imports from Iran, and close allies such as South Korea and Japan, but also India, are showing signs of responding to those pressures.
But US oil secretary Rick Perry and his Saudi counterpart Khalid al-Faleh met on Monday in Washington as US President George W. Bush's administration encouraged US oil producer Donald Trump to keep production high before new sanctions were imposed. Perry will meet with Russian Energy Minister Alexander Novak on Thursday in Moscow.
Novak said on Tuesday that OPEC, Russia and other independent producers allied to the organization could sign a new long-term cooperation agreement in early December, TASS news agency reported. The Russian minister did not elaborate.
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