Brent swings near $40 as falling US rigs counter Iran output

Brent crude, the global benchmark, swung between gains and losses near $40 a barrel as a dwindling rig count in the U.S. countered Iran’s plans to expand production.

Futures in London rose and fell by at least 0.5 percent. Active U.S. rigs dropped to the lowest level since December 2009, data from Baker Hughes Inc. shows. Iran plans to boost output to 4 million barrels a day before it will consider joining other suppliers in seeking to rebalance the market, Oil Minister Bijan Namdar Zanganeh said, according to the Iranian Students News Agency.

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