23.04.201814:46:00UTC+00Crude Oil Rebounds Despite Iran Jitters

Crude oil futures rose Monday, rebounding to 4-year highs despite signs that Iran will nix the extension of OPEC's supply quota plan with Russia.

Iran's oil minister Bijan Zanganeh, speaking to Iran's news service Shana, said that if oil prices continued to rise, there will be no need to extend the OPEC/non-OPEC production deal beyond the end of 2018.

"High oil price, even in the mid-term, works against OPEC interest by imposing volatility on the market and pressure on the price."

Analysts say higher oil prices will also compel the U.S to further ramp up production from its shale fields. The U.S. oil boom is the only thing that may be keeping oil below $70 a barrel for now.

June WTI oil settled at $68.64/bbl, up 24 cents, or nearly 0.4%.