NEW YORK, Nov. 19 (Xinhua) -- Oil prices rose slightly in volatile trade on Monday, as crude inventories reportedly fell and EU supported France's decision to sanction Iran over security concerns.
Energy information provider Genscape reported that crude inventories fell in the latest week, which pared losses for oil futures, CNBC quoted traders as saying.
European political developments also propped up oil prices, as EU foreign ministers on Monday backed French government's decision to sanction Iranian nationals accused of a bomb plot in France. The move eased to some extent fears of oversupply from the oil producer.
Earlier in the day, oil prices dropped following Russia energy minister's remarks that the country would continue observing the market in the coming weeks before making decisions to cut production.
"We need to see how the situation develops in November and early December to better understand both the current conditions and the winter outlook," said Alexander Novak in Moscow.
The West Texas Intermediate for December delivery rose 0.3 U.S. dollar to settle at 56.76 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery picked up 0.03 dollar to close at 66.79 dollars a barrel on the London ICE Futures Exchange. Enditem
