Oil prices turned positive in volatile trade on Monday, shaking off early losses to set new highs going back more than three years.
U.S. West Texas Intermediate (WTI) crude futures finished Monday's session up 24 cents at $68.64 a barrel, eking out a new closing high going back to Dec. 1, 2014. Brent crude futures were up 66 cents, or nearly 1 percent, at $74.72 a barrel by 2:29 p.m. ET.
Crude futures jockeyed between downward pressure after Iran dampened hopes that OPEC would extend its production cap pact and support on fears that U.S. sanctions could dampen Iran's output.
Iran's oil minister Bijan Zanganeh said that if crude oil prices continued to rise, there would be no need to extend a pact between the Organization of the Petroleum Exporting Countries and non-OPEC producers aimed at bolstering prices, the ministry's official website SHANA reported.
"It's tweet by tweet," said Phil Flynn, analyst at Price Futures Group, saying the market is swinging in response to posturing from the U.S. and OPEC members.