Oil climbs above $60, first time in month

U.S. crude oil climbed above $60 a barrel for the first time in a month on Friday, extending a gain of $2 a day earlier, amid signs of falling crude exports from producer group OPEC.

News that Occidental Petroleum had declared a force majeure on oil and gas supplies in Elk Hills, California, was also cited as a factor behind the rise. Frontmonth U.S. crude for March delivery was up 63 cents at $60.34 a barrel on the Globex electronic trading platform, after hitting $60.42 earlier, the highest since January 3.

On Thursday, it settled $2.00, or 3.5 percent, higher at $59.71.

OPEC's daily exports in January were down 200,000 barrels from December, according to shipping data from Lloyd's Marine Intelligence Unit, bringing the cartel closer to its pledged supply cuts.

The group's exports are expected to edge even lower in February, oil consultancy Oil Movements said in a separate report.

Adding support to oil prices, Iran's top authority, Supreme Leader Ayatollah Ali Khamenei, said on Thursday the Islamic Republic would target U.S. interests around the world if it came under attack over its disputed nuclear program.

Iran, the world's fourth-largest oil exporter, and the United States are locked in a war of words over Tehran's nuclear program, which Washington says is being channeled into bomb-building, a charge Tehran denies.