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"In the event that no clear developments materialize over the
Iranian nuclear dispute, we remain in a $68-$70 per barrel range
for today's session," Harris said.
Brent crude for October delivery rose 19 cents to $67.90 a barrel
on the ICE Futures exchange in London by midday in Europe. The
contract settled Monday at $67.71 a barrel, down $1.44 a barrel.
Light, sweet crude for October rose 29 cents to $68.31 a barrel in
electronic trading on the New York Mercantile Exchange. The Nymex
did not set an official closing price Monday as floor trading was
closed for the U.S. Labor Day holiday, while electronic trading
continued.
"Some traders took the opportunity to buy contracts since the
price has fallen quite a bit since Friday," said Victor Shum, an
analyst with Purvin & Gertz in Singapore. "This is probably an
indication that the market may not fall beyond current levels
unless some bearish event occurs."
Crude oil prices started to fall Friday after the United Nations
failed to impose sanctions on Iran for its refusal to cease
enriching uranium and a more-subdued forecast for this year's
Atlantic hurricane season.
Iran, the second-largest producer in the Organization of Petroleum
Exporting Countries after Saudi Arabia, defied the U.N. Security
Council's Thursday deadline to halt its nuclear program. Traders
have been worried that Iran might block oil exports if punished by
the U.N. At this point, though, American officials and others say
no action will be sought before a key European diplomat meets with
Tehran's atomic energy chief this week to seek a compromise.
"The fact that U.N. sanctions against Iran are unlikely to be
imposed in the short term calmed the market and contributed to the
slide," said PVM Oil Associates in Vienna.
Also helping to ease energy prices in recent days were strong U.S.
petroleum inventory data and a mixed U.S. jobs report --
suggesting fuel demand probably won't surge sharply.
Heating oil futures rose half a cent to $1.9450 a gallon while
gasoline gained half a cent to $1.7050 a gallon. Natural gas
prices rose 3 cents to $5.854 per 1,000 cubic feet.
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