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Reuters
Oil rebounds more than $1/bbl after Saudi price hike
SINGAPORE (Reuters) -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 $1.39, or 2%, to $71.27 a barrel by 0458 GMT while U.S. West Texas Intermediate crude for January were at $67.66 a barrel, up $1.40, or 2.1%. 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.