On Monday oil prices grew after Saudi Arabia showed unexpectedly reduced output in July, while US production stayed at the same level, Reuters informs.

Besides, US sanctions against Iran are expected to be renewed on Tuesday.

Brent futures are traded for $73,42 today in the morning. It is 0,3% higher than last closing price. WTI oil price also gained 0,3% to $68,68 a barrel.

Last week American companies reduced number of oil rigs for the second time in three weeks. It dropped by 2 to 859.

Many US producers showed disappointing quarterly results in recent weeks due to rise of operating costs and oil prices decline.

Saudi Arabia output in July was at 10,29 million barrels a day, which is 200000 barrels a day lower than in June. Experts think that country's capabilities to incerase oil production are more limited than was expected.