Oil capped recent gains as international supply concerns were overshadowed by a looming demand drop. Futures closed down slightly in New York after rising as much as 1.1 percent earlier in Monday’s session. Iranian exports of crude and a key byproduct plunged to a 2 1/2-year low as looming U.S. sanctions discouraged purchasers, according to ship-tracking data compiled by Bloomberg. At the same time, American refiners are about to undertake seasonal mechanical work that requires some equipment to be idled, curtailing crude processing. “I think the Iran sanctions are a concern to the market,” said Phil Flynn, senior ... (full story)