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Oil prices rose after a report of lower fuel stocks in the United States, due to the suspension of the Cinecrode Canada oil sands plant in Alberta, usually delivered to the United States.
Oil prices were also supported by the imminent US sanctions against Iran, which announce a reduction in supplies in an already scarce market despite the commitment of the Organization of Exporting Countries to Oil (OPEC) to increase production to offset supply difficulties.
At 0650 GMT, US WTI futures increased by 37 cents or 0.4% from the previous settlement to 74.51 dollars per barrel. The crude reached its highest level since November 2014 at $ 75.27 per barrel.
Brent crude reached $ 78.04 per barrel, up 28 cents or 0.4% from the previous settlement.
The trading activity is expected to be limited on Wednesday because of the Independence Day holidays in the United States.
The US Petroleum Institute announced on Tuesday that US crude inventories fell from 4.5 million barrels to 416.9 million barrels during the week ending June 29th. According to the Institute, stocks of gasoline and distillates, which include diesel and fuel oil, also declined.
The decline in fuel stocks is primarily attributable to Cinecrode Canada's 360,000 barrel per day oil sands suspension near Fort McMurray, Alberta. The suspension should continue throughout the month of July.
The market's attention focused on the imminence of US sanctions on Iran, a major oil exporter.
The US government has called on all countries to stop buying Iranian oil from November.
To offset the potential shortfall of Iran and the disruption of supply in other countries, including Libya and Venezuela, the Organization of Exporting Countries of Oil (OPEC) and Russia and other producers have agreed to increase production from July.
But Iran, a member of OPEC, warned that it would not accept that other producers get fruits by taking market share.
See also: Lebanon is an oil producer …
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