Oil nears $80 a barrel on drop in US crude inventories, loss of Iran supply


The oil price rallied 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 41 cents on the day at $79.47 a barrel by 1323 GMT, having touched a session peak of $79.

66, the highest since late May, when the price pushed above $80. U.S. crude futures rose 91 cents to $70.16 a barrel. "We think oil market fundamentals are increasingly.....

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