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Analysts say prices likely will go higher as American sanctions on Iran resume in November.

Brent crude oil prices hit their highest level since November 2014 on Monday ahead of US sanctions against Iran that kick in next month.

The average cost of gasoline in the USA has risen 60 percent from $1.87 per gallon in February 2016 to nearly $3 in September.

On Monday, Oilprice.com reported that production from Organization of Petroleum Exporting Countries (OPEC) rose by 90,000 bpd in in September, to hit 32.85 million bpd.

This is just as the price of crude oil, yesterday surged towards $84 per barrel, the highest so far this year this is as a result of output shortfalls in Iran, now being sanctioned by the United States.

The U.S. remains in a trade fight with China that could have even larger implications for global oil demand if the spat gets worse.

Saudi Arabia has been unable to offset the lost Iranian crude exports. With sanctions due to resume on November 4, the sharp drop-off in supply from the Persian Gulf state has helped buoy crude oil prices.

There have also been a number of events that contributed to oil's moves in the fourth quarter over the past decade, including Hurricane Harvey in 2017 and the 2008 market crash, said Denton Cinquegrana, chief oil analyst at IHS Markit's Oil Price Information Service.

WTI prices were supported by a stagnant rig count, which points to a slowdown in USA crude production C-OUT-T-EIA .

Crude prices have roughly tripled from lows hit in January 2016 after the Organization of the Petroleum Exporting Countries and allies led by Russian Federation cut output.

Brent crude oil futures LCOc1 were trading at $83.04 per barrel at 0057 GMT, up 31 cents, or 0.4 percent, from their last close and near the $83.07 level reached during the last session - the highest since November 2014.

That, analysts said, bodes well for overall demand for crude oil to keep increasing, driven by emerging markets and continued growth in the global economy.

US President Donald Trump is calling on the worldwide community to suspend imports of crude from Iran by November, driving up prices globally.

Trump, facing political pressure at home, has been calling on OPEC and American allies like Saudi Arabia to boost their production to lower global crude oil prices.

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