UD light crude was $1.43, or 2 per cent, higher at $72.21.
Experts estimate that once U.S. sanctions on Iran are fully implemented from November it could result in the loss of as many as two million barrels a day from global supply.
Interested in Oil technicals? "The market is well-supplied", Saudi Energy Minister Khalid Al-Falih said after a meeting of OPEC and its allies over the weekend.
In a speech, Mohammad Barkindo, OPEC secretary general, said the organisation would "work hard to ensure a sustainable stability in the global oil market, enabling steady and lasting economic growth across consuming and producing countries".
The country's producers continue to "monitor closely the supply and demand and we will respond in the appropriate manner and at the appropriate time, as may be necessary", said the saudi minister.
Venezuela, which pumped 1.22 million b/d in August, according to the latest Platts survey of OPEC production, could see output fall to 1 million b/d in 2019, Platts Analytics forecasts.
Out of global energy demand, oil is expected to have one of the largest shares, making up 28 percent by 2040.
Even though several European countries have said they are seeking to protect their companies from renewed USA sanctions against Tehran, several major companies such as Total announced they were suspending activities in Iran.
Oculus Won't Lock You Out Of Games With Future Headsets
Performance hardware will likewise be built into the headset , removing the need for a PC and any cables running from the headset. Hugo Barra who is the CEO of Oculus says the device provides "arena-scale" tracking for at least 400 square feet of space.
Cavs pursuing star forward Jimmy Butler in trade talks
From there, Thibodeau continued and stated that Minnesota's needs as a franchise will be the centerpiece of any trade discussion. Butler underwent his physical in Minnesota on Monday, missing the team's media day with ownership permission.
China retaliates against latest Trump tariffs on Chinese goods
The predatory practices, the USA says, are part of China's relentless drive to challenge American technological dominance. China has hit back at U.S. president Trump by announcing new trade tariffs on $60 billion of United States goods.
Russia's energy minister Alexander Novak on Sunday appeared to back a continuation of the partnership between OPEC and non-OPEC member states.
"We expect that those OPEC countries with available spare capacity, led by Saudi Arabia, will increase output but not completely offset the drop in Iranian barrels", said Edward Bell, commodity analyst at Emirates NBD bank. This comes after the US Congress has reconsidered legislation aimed at preventing OPEC from manipulating oil prices.
OPEC and non-OPEC partners agreed on June 23 to boost output by 1 million b/d by reducing over-compliance with cuts that had been in place since January 2017.
OPEC and other producers allies tried in the Algerian capital to reassure the market that more oil is coming but stopped short of committing to the urgent supply boost that some people are looking for - notably US president Donald Trump.
Oil leaped after the world's top producers made a decision to maintain output during a meeting in Algeria at the weekend.
The refusal to immediately increase production combined with a bullish long-term chart pattern is helping to fuel today's rally.
"Whatever takes place between now and the end of the year in terms of supply changes will be addressed", al-Falih said.
While output C-OUT-T-EIA remains around the record of 11 million barrels per day (bpd), recent subdued USA drilling activity points towards a slowdown.