Oil rises one percent ahead of U.S. sanctions on Iran

© Reuters. An oil well pump jack is seen at an oil field supply yard near Denver
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Oil prices rose more than 1 percent on Wednesday as markets braced for the imposition of U.S. sanctions on Iran next week and as stock markets clawed back some of their recent losses.
Benchmark Brent crude oil (LCOc1) was up 80 cents at $76.71 a barrel by 0840 GMT. The contract fell 1.8 percent on Tuesday, at one point touching its lowest since Aug. 24 at $75.09.
U.S. light crude (CLc1) was up 60 cents at $66.78. It hit a two-month low of $65.33 a barrel on Tuesday.
New U.S. sanctions on Iran begin on Nov. 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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