Brent crude, the global benchmark, swung between gains and losses near $40 a barrel as a dwindling rig count in the U.S. countered Iran’s plans to expand production. Futures in London rose and fell by at least 0.6 percent. Active U.S. rigs dropped to the lowest level since December 2009, data from Baker Hughes Inc. shows. Iran plans to boost output by about a third to 4 million barrels a day before it will consider joining other suppliers in seeking ways to rebalance the market, the Iranian Students News Agency reported, citing Oil Minister Bijan Namdar Zanganeh. Oil has reversed its losses this year after slumping to a 12-year low amid speculation stronger demand and falling U.S. output will ease a surplus. Prices may have passed their lowest point as shrinking supplies outside the Organization of Petroleum Exporting Countries and disruptions inside the group erode the oversupply, the International […]