Oil traded near the highest close in almost five weeks in New York after U.S. factory orders rose for the first time in three months and Iran said sanctions threaten the Persian Gulf country’s national security.
Futures swung between gains and losses after climbing 4.7 percent yesterday. Orders placed with factories rose 0.7 percent in May, beating economists’ estimates. A European Union ban on Iranian crude exports is an “antagonistic move,” Foreign Ministry spokesman Ramin Mehmanparast said. U.S. oil stockpiles fell last week, an industry report showed.
“Iran is back on the radar and people are adjusting to compensate for the risk to production,” said Ric Spooner, a chief market analyst at CMC Markets in Sydney. The factory orders are “encouraging and point to moderate overall growth,” Spooner said in a telephone interview.
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