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Oil rises as US drilling and sanctions fall on Iran
Oil prices rose on Monday as US drilling for new production stalled and the market expected supplies to shrink as soon as Washington's sanctions on Iranian crude exports came into effect in November.
West Texas Intermediate crude futures were $ 67.23 a barrel at 0640 GMT, up 48 cents, or 0.7 percent, from the last settlement price.
Global Brent crude <LCOc1> rose 64 cents, or 0.8 percent, to $ 77.46 a barrel.
US energy companies cut the number of diggers by two last week to 860 diggers, Baker Hughes Energy Services said on Friday.
The number of rigs has stabilized since May after recovering since 2016, following a sharp collapse the previous year as crude prices fell.
With US drilling activity and imminent sanctions on Iran stabilizing, market supply is expected to shrink.
While Washington is pressing other countries to cut imports from Iran, it is urging other major producers to raise production so prices will not rise too much.
US Energy Secretary Rick Perry is meeting with his Saudi and Russian counterparts on Monday and Thursday respectively, as US President Donald Trump's administration seeks to keep the world's top oil exporter and its biggest producer on track.
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