Oil Climbs as Iran Tensions Linger While U.S. Stockpiles Decline

31 ביולי 2019, 01:28 GMT‎+3‎ Updated on 31 ביולי 2019, 06:48 GMT‎+3‎
 Iran and Russia agree to 2020 military drill in Indian Ocean
 U.S. Federal Reserve expected to cut rates to boost economy

Oil extended its longest rally in three weeks as lingering Iran tensions stoke concerns over the stability of Middle East energy flows, while U.S. crude stockpiles continue to tighten.Futures rose as much as 0.8% in New York after gaining 3.9% in the past four sessions. Iran has reached a deal with Russia to hold a joint military drill in the Indian Ocean by March 2020, semi-official Fars News reported, citing the commander of the Iranian navy. American crude inventoriesdropped by 6.02 million barrels last week, according to an industry report. If confirmed by government data on Wednesday, it will be a seventh weekly decline.