Singapore: Oil prices rose on Monday as U.S. drilling for new production stalled and as the market eyed tighter conditions once Washington´s sanctions against Iran´s crude exports kick in from November.
U.S. West Texas Intermediate (WTI) crude futures were at $68.23 per barrel at 0640 GMT, up 48 cents, or 0.7 percent, from their last settlement.
Brent crude futures climbed 64 cents, or 0.8 percent, to $77.46 a barrel.
U.S. energy companies cut two oil rigs last week, bringing the total count to 860, energy services firm Baker Hughes said on Friday. The U.S. rig count has stagnated since May, after staging a recovery since 2016, which followed a steep slump the previous year amid plummeting crude prices. Outside the United States, new U.S. sanctions against Iran´s crude exports from November were helping push up prices.
