Oil rises towards $80

Oil rose towards $80 a barrel on Tuesday, supported by concern that falling Venezuelan crude output and a potential drop in Iranian exports could further tighten global supply. Crude is trading at the highest since late 2014, underpinned by a supply-cutting deal among the Organization of the Petroleum Exporting Countries plus Russia and other non-members, and strong global demand.

Brent crude, the global benchmark, rose 63 cents to $79.85 a barrel by 0812 GMT. Last week, it topped $80 for the first time since November 2014.