Oil rises towards $80 as supply concerns mount

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 54 cents to $79.76 a barrel by 1221 GMT. Last week, it topped $80 for the first time since November 2014. US crude was up 31 cents at $72.55, having earlier traded at $72.72, its highest since November 2014.