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Oil ebbs from multi-year highs on surge in US drilling, Iran sanctions opposition

Updated : May 14, 2018 08:24 AM IST

Oil prices on Monday fell away from last week's multi-year highs as a relentless rise in US drilling activity pointed to increased output, while resistance emerged in Europe and Asia to US sanctions against major crude exporter Iran.
Still, crude prices remained near more than three-year-highs reached last week as markets expect Iran's oil exports to fall significantly once US sanctions bite later this year.
Brent crude futures were at $76.79 per barrel at 0229 GMT, down 33 cents, or 0.4 percent from their last close.
Oil ebbs from multi-year highs on surge in US drilling, Iran sanctions opposition
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