Oil climbed above $72 a barrel after the latest talks between world powers and Iran to revive a nuclear deal ended without an agreement, a day after the OPEC producer elected a new president.
Futures in New York rose 0.9% after increasing for a fourth week. Diplomats adjourned a sixth round of meetings with significant gaps remaining to mend the accord, the third time since talks began in April that negotiators have missed self-imposed deadlines to rejuvenate the agreement. A revived deal would likely lead to the easing of US sanctions and higher crude flows.
