Oil closes above $67 as investors assess supply prospects

Oil drilling rigs

Oil prices rose at the close of trading today, Feb. 3, as investors assessed the outlook for global supply and the trajectory of tensions between the United States and Iran.

Brent crude futures for April delivery rose 1.55%, or $1.03, to $67.33 a barrel, after falling more than 4% in the previous session.

WTI crude oil futures for March delivery also rose by 1.72%, or $1.07, to $63.21 a barrel.

The recovery in oil prices today came against the backdrop of a decline in the dollar and an assessment of the prospects for tensions between the US and Iran.

Earlier, US President Donald Trump stated that Tehran was conducting serious talks on the nuclear issue, the likelihood of a military confrontation between the two countries decreased.

But the US Navy today shot down an Iranian drone that it said was heading toward an aircraft carrier in the Arabian Sea, bringing tensions back to the forefront.