Oil rebounds by more than $1 after Saudi price hike
SINGAPORE: Oil prices rose by more than $1 a barrel on Monday after top exporter Saudi Arabia raised prices for its crude sold to Asia and the United States, and as indirect U.S.-Iran talks on reviving a nuclear deal appeared to hit an impasse.
Brent crude futures for February gained $1.61, or 2.3%, to $71.49 a barrel by 0720 GMT while U.S. West Texas Intermediate crude for January were at $67.89 a barrel, up $1.63, or 2.5%.
On Sunday, Saudi Arabia raised January official selling prices for all crude grades sold to Asia and the United States by up to 80 cents from the previous month.
