RPT-UPDATE 4-Oil jumps 2 pct as market tightens, more gains seen | Reuters:
Oil prices rose 2 percent on Monday as U.S. sanctions restricted Iranian crude exports, tightening global supply, with some traders forecasting a spike in crude to as much as $100 per barrel.
Brent crude hit its highest since May at $80.47 per barrel, up $1.63 or more than 2 percent, before easing back slightly to around $80.40 by 0730 GMT. U.S. light crude was $1.18 higher at $71.96.
U.S. commercial crude oil inventories C-STK-T-EIA are at their lowest since early 2015 and although U.S. oil production C-OUT-T-EIA is near a record high of 11 million barrels per day (bpd), subdued U.S. drilling activity points towards a slowdown in output.
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