Oil prices hit a two-month high on Monday, lifted by a tightening U.S. crude market and the threat of sanctions against OPEC-member Venezuela. Brent crude futures, the international benchmark for oil prices, were at $52.67 per barrel at 0247 GMT on Monday, up 15 cents or 0.3 percent. Prices hit $52.76 per barrel earlier in the day, their highest since May 25. U.S. West Texas Intermediate (WTI) crude futures were up 16 cents, or 0.3 percent, at $49.87 per barrel, the highest since June 30. The price rises put both crude benchmarks on track for sixth consecutive session of gains.

Oil prices have risen around 10 percent since the last meeting of leading members by the Organization of the Petroleum Exporting Countries (OPEC) and other major producers, including Russia, when the group discussed potential measures to further tighten oil markets.

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