Singapore — Oil prices rose on Wednesday following supply disruptions in Libya and Canada and after US officials told oil importers to stop buying Iranian crude from November. Brent crude futures rose 15c, or 0.2%, to $76.46 a barrel at 1.46am GMT, from their last close. US West Texas Intermediate (WTI) crude futures were at $70.70, up 19c, or 0.3%. The US demanded all countries stop imports of Iranian oil from November, a State Department official said on Tuesday. Oil markets did not react more strongly to Washington’s pressure as the move was expected. In addition, top exporter Saudi Arabia plans to raise output to make up for lost supplies. "It is very unlikely the US will succeed in ending Iranian oil sales on this timetable, but we are increasing our estimate of oil likely to come off the market by November to about 700,000 barrels a day — another bullish factor for prices," risk consultancy Eurasia Group said. During the last round of sanctions, which ended in 2016, several As...
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