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Oil prices rose slightly on Monday as investors braced for tighter supplies once U.S. sanctions against Iran's crude exports kick in from November.
Prices also remained supported after Baker Hughes data showed that U.S. energy companies cut two oil rigs last week, bringing the total count to 860.
Benchmark Brent crude oil was up 48 cents a barrel at $77.31 while U.S. light crude futures were up 39 cents at $68.14 a barrel.
With U.S. rig activity stalling since May and Iran sanctions looming, there are concerns about an increasingly tighter market.
Outside the United States, Iran's oil exports have also been falling much faster than expected ahead of a November deadline for the implementation of new U.S. sanctions.
Meanwhile, U.S. Energy Secretary Rick Perry will reportedly meet his counterparts from Saudi Arabia and Russia starting today to discuss proposals for an oil output increase.
