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Expectations of supply raise the price of oil
Oil prices rose on Monday as market supply is expected to fall as soon as US sanctions against Iran's crude oil exports are implemented.
Futures contracts for the nearest month of Brent crude hit $ 79.88 a barrel at 02:48 GMT, up 10 cents from the previous close.
Futures contracts for the nearest month of Brent crude hit $ 79.88 a barrel at 02:48 GMT, up 10 cents from the previous close.
US WTI crude futures were $ 69.31 a barrel, up 19 cents from the previous close.
The main driver of prices in Asia, Monday, is near the start of US sanctions on Iranian oil exports, which comes into force on November 4.
Although OPEC agreed in June to increase supplies to compensate for the shortfall in Iranian oil supplies, an internal document reviewed by Reuters showed OPEC was having trouble increasing output because increases in Saudi Arabia were offset by shortages in Iran, Venezuela and Angola.
Other producers may have difficulty in offsetting the expected shortage of Iranian oil supplies, and this factor, combined with strong demand, could lead to higher oil prices, said Fatih Birol, executive director of the International Energy Agency.
Traders said major oil consumers were stockpiling as more shortages were expected.
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