Oil rises on Iran sanctions, lower U.S. fuel inventories | Reuters:
Oil prices rose on Thursday, extending gains on growing evidence of serious disruptions to crude supply from Iran and Venezuela and after a fall in U.S. crude inventories.
Benchmark Brent crude oil LCOc1 was up 30 cents a barrel at $77.44 by 0745 GMT. U.S. light crude CLc1 was 30 cents higher at $69.81.
Brent has risen by almost 10 percent over the last two weeks on widespread perceptions that the global oil market is tightening and may run short in the next few months as U.S. sanctions restrict crude exports from Iran.
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