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Crude-oil futures climbed closer to $68 a barrel Monday (April 3) as investors remained concerned about energy production before the hurricane and summer driving seasons despite U.S. crude inventories nearing seven-year highs.
Traders “will continue to fret over the approaching hurricane and driving seasons,” John Kilduff, an analyst at Fimat USA, said in a note to clients Monday.
CBS MarketWatch reported that crude for May delivery was last trading up 87 cents, or 1.3%, at $67.50 a barrel. It climbed as high as $67.90 for the first time since Feb. 1, when the contract touched $70.10.
“The uncertainty over Iranian supplies remains the key support for the market at the moment after the U.N. Security Council last week gave Iran 30 days to halt enrichment, even though Tehran pledged not to cut off oil supplies,” said analysts at research firm Action Economics.
A weekend test by Iran of a new underwater missile during war games in the Persian Gulf, coupled with comments from military commanders that Iran is ready to react to any attack, is “likely to keep geopolitics at the forefront of oil market concerns,” said Kevin Norrish, analyst at Barclays Capital.
“Iran not only seems more intransigent with every passing day, but also calls into question the sincerity of its peaceful intent with the display of new weaponry,” said Kilduff.