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Oil is hovering near $ 80 a barrel as supply worries mount
Oil fell on Wednesday after reaching its highest level this year as a drop in US crude inventories and a possible loss of Iranian supply, raising concerns about the delicate balance between consumption and production.
By 0923 GMT, Brent crude futures were down 23 cents at $ 78.83 a barrel, having peaked at $ 79.66, the highest level since late May when $ 80 broke above $ 80.
US crude was up 35 cents at $ 69.60 a barrel.
"We believe that fundamentals of the oil market are increasingly supporting crude prices, at least at current levels," said Gordon Gray, director of oil and gas market research at HSBC.
"We believe that fundamentals of the oil market are increasingly supporting crude prices, at least at current levels," said Gordon Gray, director of oil and gas market research at HSBC.
"While we do not expect Brent to rise to $ 100 per barrel, we see real risks that this will happen.The fact that there is already a need for much higher supply than producers such as Saudi Arabia - and the low levels of excess capacity left - makes the global system highly vulnerable to any other major disruptions. "
The US Petroleum Institute said on Tuesday that crude inventories in the United States fell 8.6 million barrels in the week ending September 7 to 395.9 million barrels, while the US Energy Information Administration reduced its forecast for the country's production of crude in 2019.
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