Crude fell after Saudi Arabia and Russia signaled an impending production increase by OPEC and allied nations will be larger than some estimated.

NEW YORK (Reuters) - Oil prices jumped on Wednesday as plunging U.S. crude stockpiles compounded supply worries in a market already uncertain about Libyan exports, a production disruption in Canada and Washington's demands that importers stop buying Iranian crude from November.

NEW YORK (Reuters) - Crude futures jumped over 2 percent on Tuesday and U.S. oil topped $70 for the first time in two months as Washington pushed allies to halt imports of Iranian crude, which would constrain global supplies.

US President Donald Trump is demanding that Iran’s oil customers end imports by a November 4 deadline, refusing any extensions or waivers to that timeline, as it targets the Persian Gulf state’s economy with sanctions.

Oil jumped to a level last seen in late 2014 after U.S. crude stockpiles tumbled by the most in almost two years.

Grant Smith and Sharon Cho US crude traded near the highest in 3 and a half years as disruption at Libyan ports and a plunge in American stockpiles reinforced fears of a supply...