London — Oil fell on Thursday, driven lower by the prospect of the first increase in oil cartel Opec output since 2016 in the face of concern over supply from both Venezuela and Iran, while a surprise rise in US crude inventories raised doubt over seasonal demand. Benchmark Brent futures were down 59c at $79.21 a barrel by 9.22am GMT, while US crude futures eased 41c to $71.43 a barrel. "This discussion about possible Opec supply increases after the June meeting has put a brake on the oil price for the time being, so $80 is a big hurdle to overcome," Commerzbank strategist Carsten Fritsch said. "If prices get above that, this will further intensify and increase the likelihood that Opec will do something ... It’s going to be very difficult to overcome this level on a sustainable basis before the Opec meeting." Opec may decide at its meeting in June to increase oil output to make up for reduced supply from Iran and Venezuela and in response to concerns from Washington over a rally in ...
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