FOX LIVE NEWS UPDATE

UPDATE 1-Oil prices rise after Saudi output dips, U.S. drilling stalls

Aug 6 (Reuters) – Oil prices rose on Monday after Saudi crude production registered a surprising dip in July and as American shale drilling appeared to plateau.

Markets also anticipated an announcement from Washington due later on Monday detailing renewed U.S. sanctions against major oil exporter Iran, set to be reinstated at 1201 EDT on Tuesday (1601 GMT), according to a U.S. Treasury official. Brent crude oil futures LCOc1 were trading at $73.68 per barrel at 0205 GMT on Monday, up 47 cents, or 0.6 percent, from their last close.

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