Oil heads for weekly rise as US adds sanctions on Iran, OPEC cuts

Oil prices extended gains on Thursday on the prospect of tighter supply after Washington imposed further sanctions to curb Iranian oil trade and as some OPEC producers pledged further output cuts to compensate for pumping above agreed quotas. Brent crude futures rose 34 cents, or 0.5%, to $66.19 a barrel by 0029 GMT, and U.S. [Read more]