Iran agreed to curtail its nuclear activities starting Jan. 20 under a deal with world powers, triggering the easing of some sanctions and the start of a six- to-12 month timetable to reach a permanent accord.
The Organization of Petroleum Exporting Countries will cut crude shipments to the lowest level since September as refineries trim imports before conducting maintenance in the spring, according to Oil Movements.
The U.S. oil boom has put European refineries out of business and undercut West African crude suppliers. Now domestic drillers threaten to roil Asian markets and challenge producers in the Middle East and South America.
Canadian stocks rose for the first time in four days, after tumbling to a two-week low, as the price of crude halted the longest slide since August and Valeant Pharmaceuticals International Inc. surged to a record.