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Oil prices up more than $1, over delayed Iran deal

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Oil prices rose more than $1 a barrel in early Asian trade on Monday, as last week's framework deal between Iran and global powers on Tehran's nuclear program offers little chance for any significant increase in exports until 2016.

The number of rigs drilling for oil in the United States declined by 11 this week to 802, the smallest decline since December.

Two weeks of thin declines in the U.S. rig count have raised expectations that drilling activity is nearing a pivotal level that could dent production, bolster prices and coax idle rigs back to the field after a precipitous cull since October.

Asian shares rose and the dollar dropped on Monday, after a dismal U.S. jobs report pushed up U.S. Treasury yields as investors pared bets the U.S. Federal Reserve would hike interest rates anytime soon.


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