Oil prices rose to two-month highs on Monday, ending the strongest month of the year for crude futures, boosted in part by expectations of U.S. sanctions against Venezuela's oil sector and as supply concerns have waned in recent weeks. During the trading day, chatter centred around potential U.S. Treasury sanctions targeting the country's oil sector in response to Venezuela's Sunday election which Washington denounced as a "sham."

That helped boost prices prior to settlement due to concern about possible limits on oil imports from Venezuela or exports of U.S. fuel to that country.

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