Oil settles above $50 as Iran calls for non-OPEC support

By Barani Krishnan NEW YORK (Reuters) - Oil rose more than 1 percent on Monday, with Brent settling above $50 a barrel the first time since August and U.S. crude hitting three-month highs, after Iran exhorted the need for other oil producers to join OPEC in supporting the market. OPEC member Iran, the No. 4 crude exporter, will sign on Tuesday a new petroleum contract that would be cornerstone to raising its crude output to the pre-sanction levels of 4 million bpd.