Crude oil prices rose with the start of the week as U.S. drilling for new production stalled and markets were looking for tighter conditions when U.S. sanctions on Iranian oil exports come in place in November.
U.S. crude rose to a daily high of $ 68.43 a barrel, while Brent crude hit $ 77.71 a barrel.
Baker Hughes reported on Friday that U.S. energy companies cut two oil rigs last week, bringing the total drilling rigs to 860. The U.S. oil rigs count has stagnated since May after rebounding since 2016.
Also, U.S. sanctions against Iranian oil exports have helped to raise prices and not push them further down.
The U.S. Energy Secretary will meet with his counterparts from Saudi Arabia and Russia on Monday and Thursday respectively, as the U.S. administration seeks to make the biggest oil producer and exporter continue to keep oil production up.
