Oil breaches $60 on supply concerns

U.S. crude oil rose 34 cents to $60.05 a barrel by 1723 GMT. It earlier hit a session peak of $60.42, the highest level since January 3.

London Brent crude was up 7 cents to $59.10.

"To stay above $60 on a sustainable basis would take some confirmation the Iranian situation is deteriorating further," said Olivier Jakob of Petromatrix.

Reduced supplies from the Organization of the Petroleum Exporting Countries have helped boost prices, which in January fell to a 20-month low of $49.90 for U.S. crude.

OPEC's overall exports in January fell by 200,000 barrels per day (bpd) from December, shipping data from Lloyd's Marine Intelligence Unit showed, bringing the group closer to its pledged supply cut of 1.2 million bpd from November.

The group's exports were expected to fall again in February with the implementation of a second OPEC cut of 500,000 bpd.

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