OIL prices settled higher on Monday as fresh U.S. sanctions on Iran and a commitment to compensate for overproduction by Iraq added to concerns of near-term supply tightness, helping the market recover some of Friday's steep losses.
Brent crude futures settled up 35 cents, or 0.5%, at $74.78 a barrel. U.S. West Texas Intermediate crude futures gained 30 cents, or 0.4%, to $70.70.
