Oil prices rose in choppy trade on Monday, under pressure from growing supply but supported by a reported drawdown of U.S. oil inventories, potential European Union sanctions on Iran and possible OPEC production cuts.
Brent crude futures were up 21 cents at $66.97 a barrel by 2:29 p.m. ET, off a session low of $65.27. U.S. futures ended Monday's session 68 cents higher at $56.76, after dropping as far as $55.08, near last week's one-year low.
Traders said futures pared losses when energy information provider Genscape reported that crude inventories fell in the latest week.
EU foreign ministers endorsed a French government decision to sanction Iranian nationals accused of a bomb plot in France, three diplomats said. The United States has granted waivers to some of Iran's oil customers.
OPEC, led by Saudi Arabia, is pushing for the group and its partners to reduce output by 1 million to 1.4 million barrels per day to prevent a build-up of unused fuel.