Brent crude prices rose to their highest level since November 2014, ahead of U.S. sanctions against Iran OPEC's third largest oil producer, which will start next month. Prices reached $ 83.38 a barrel last Friday.
Also, U.S. crude rose to its highest level in more than two months, supported by the stagnation in the number of American rigs, which indicate a slowdown in U.S. production, which rivals the top producers Russia and Saudi Arabia.
In a sign that the market is heading for further price rises, hedge funds have positioning itself for further price rises in the week ending Sept. 25, as CFTC showed futures and option contracts increased by 3,728 to 346,566.
In another sign, Sinopec, China's largest buyer of Iranian oil, they said it would reduce Iran's crude oil this month. U.S. President Donald Trump called on Saudi King Salman bin Abdul Aziz on Saturday to discuss ways to maintain adequate supplies once Iran's sanctions were hit.
