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

LONDON (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.

FILE PHOTO: Crude oil storage tanks are seen from above at the oil hub in Cushing, Oklahoma, March 24, 2016. REUTERS/Nick Oxford/File Photo

Brent crude futures LCOc1 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…

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