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

U.S. crude stocks fell by 8.6 million barrels in the week to Sept. 7 to 395.9 million, the American Petroleum Institute (API) said on Tuesday, while the U.S. Energy Information Administration (EIA) cut its forecast for U.S. crude output growth in 2019. [API/S] [EIA/M]

Outside the United States, traders have been focusing on the impact of U.S. sanctions against Iran that will target oil exports from November.
more detail at: https://www.reuters.com/article/us-global-oil/oil-prices-rise-on-lower-u-s-crude-inventories-looming-iran-sanctions-idUSKCN1LS02Y

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