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Oil nears $80 a barrel as concern grows over global supply

Reuters  |  LONDON 

By Amanda CooperLONDON (Reuters) - Oil cut earlier losses and rose towards its highest level this year on Wednesday, after a drop in U.S. crude inventories and as the prospect of the loss of Iranian supply added to concerns over the delicate balance between consumption and production.Brent crude futures were last up 14 cents on the day at $79.20 a barrel by 1123 GMT, having touched a session peak of $79.66, the highest since late May, when the price broke above $80.U.S. crude futures rose 61 cents to $69.86 a barrel."We think oil market fundamentals are increasingly supportive of crude ...

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First Published: Wed, September 12 2018. 16:59 IST