OIL PRICE: NEAR $76

REUTERS - Brent crude prices stabilized on Wednesday after heavy losses the day before, with looming U.S. sanctions against Iran back in focus.

Front-month Brent crude oil futures LCOc1 were at $76.52 a barrel at 0658 GMT, up 1 cent from their last close.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were weaker, down 10 cents at $66.33 a barrel, pressured by a report by the American Petroleum Institute (API) that U.S. crude stocks rose by 9.9 million barrels in the week to Oct. 19 to 418.4 million barrels.

Crude futures fell by 4-5 percent in the previous session.

Saudi Energy Minister Khalid al-Falih said on Tuesday that despite expected supply disruptions from U.S. sanctions against Iran that kick in from Nov. 4, Saudi Arabia would step up to "meet any demand that materializes to ensure customers are satisfied".

Despite this, analysts said markets remained tight because of the upcoming sanctions.

"We still see Brent reaching $85 per barrel by year-end," said U.S. bank Morgan Stanley.

In China, Iran's biggest oil buyer, the Bank of Kunlun is set to stop handling payments from the Islamic Republic next month, four sources familiar with the matter told Reuters.

Kunlun is controlled by the financial arm of state-owned China National Petroleum Corp and is the main official channel for money flows between China and Iran.

With financial ties between the two countries effectively severed from November, Chinese oil firms will need to find alternatives to Iran's crude.

China took in 800,000 barrels per day from Iran in August, the peak for this year, according to Refinitiv Eikon trade data.

While oil supply is tightening, the demand outlook for 2019 is darkening because of concerns of a slowing economy.

China's state planner said on Wednesday it would step up financial support for regions most hit by the ongoing trade war between Washington and Beijing during which both sides have slapped import tariffs on hundreds of goods.

Meanwhile, South Korea's KOSPI-100 equity index .KS100 has now fallen by nearly 19 percent over the past year, the fastest rate of decline since the financial crisis of 2008/09.

The KOSPI-100 has typically correlated closely with growth in international trade, given the South Korean economy's strong orientation toward exports.

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Earlier: 

2018, October, 22, 12:25:00 OIL PRICE: NEAR $80 AGAIN REUTERS - Benchmark Brent crude oil futures LCOc1 were at $80.26 a barrel at 0646 GMT, up 48 cents, or 0.6 percent, above their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $69.60 a barrel, up 48 cents, or 0.7 percent.

2018, October, 22, 12:00:00 IRAN'S OIL SELLING SHANA - First Vice President Eshaq Jahangiri said the country had plans for ensuring continuation of its oil sales under fresh US sanctions.

2018, October, 19, 11:25:00 OIL PRICE: NOT ABOVE $80 REUTERS - Benchmark Brent crude oil LCOc1 was up 20 cents a barrel at $79.49 by 0740 GMT. U.S. light crude CLc1 was 15 cents higher at $68.80.

2018, October, 17, 10:35:00 OIL PRICE: ABOVE $81 ANEW REUTERS - U.S. West Texas Intermediate crude CLc1 was up 25 cents, or 0.4 percent, at $72.17 a barrel by 0648 GMT on Wednesday, having settled up 14 cents. Brent crude LCOc1 was up 26 cents, or 0.3 percent, at $81.67 a barrel, after settling up 63 cents the session before.

2018, October, 17, 10:25:00 ЦЕНА URALS: $81.10625 МИНФИН РОССИИ - Средняя цена на нефть Urals за период мониторинга с 15 сентября по 14 октября 2018 года составила $ 81,10625 за баррель, или $ 592,1 за тонну.

2018, October, 17, 10:20:00 INDIA'S PIVOTAL IMPORTANCE OPEC - We forecast that primary energy demand, globally, is expected to increase by 33%, or 91 mboe/d, between 2015 and 2040. A massive 24% of this anticipated increase will be from India, or 22 mboe/d.

2018, October, 15, 12:30:00 OIL PRICE: NEAR $81 ANEW REUTERS - Benchmark Brent crude oil jumped by $1.49 a barrel to a high of $81.92 before slipping to $80.83, up 40 cents, by 0745 GMT. U.S. crude was last up 20 cents at $71.54.