Oil rises 1% ahead of US sanctions on Iran
Russian, Saudi and US oil production are at record highs as the US-China trade war clouds the outlook for oil demand
London — Oil prices rose more than 1% on Wednesday as markets braced for the imposition of US sanctions on Iran next week and as stock markets clawed back some of their recent losses. Benchmark Brent crude oil was up 80c at $76.71 a barrel by 8.40am GMT. The contract fell 1.8% on Tuesday, at one point touching its lowest since August 24 at $75.09. US light crude was up 60c at $66.78. It hit a two-month low of $65.33 a barrel on Tuesday. New US sanctions on Iran begin on November 4 and Washington has made it clear to Tehran’s customers that it expects them to stop buying any Iranian crude oil from that date. Imports of Iranian crude by major buyers in Asia hit a 32-month low in September, as China, South Korea and Japan sharply cut their purchases ahead of the sanctions on Tehran, government and ship-tracking data showed. Oil market sentiment also received some support from equity markets, which pulled back from 20-month lows on Wednesday after pledges by China to support its markets...
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