Oil gained on Monday as investors remained cautious over the supply outlook, having gained nearly 5 percent in price since the middle of July, APA reports quoting Reuters.
October Brent crude futures LCOc1 were last up 71 cents at $75.47 a barrel by 1424 GMT. The September contract expires on Tuesday. U.S. crude futures CLc1 rose $1.37 at $70.06 a barrel.
The oil price has rallied almost uninterruptedly for the past two weeks, as looming sanctions on Iran have already started to curtail flows of oil from the country.
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