Oil Rallied Back $130 Amid Weekend Iran Nuclear Talks

Oil rose back above $130 a barrel on Monday after its biggest one-week slide on record, supported by inconclusive talks at the weekend between Iran and world powers over Tehran's nuclear program.

Oil's losses last week were the biggest in dollar terms since futures began trading in New York in 1983 and in percentage terms the steepest sell-off since late 2004.

U.S. light crude for August delivery was up $1.79 at $130.67 by 0921 GMT (5:21 a.m. EDT).