London — Oil prices steadied on Monday, weighed down by rising supply from Opec and the US but supported by the concern that falling Iranian output will tighten markets once US sanctions bite from November. Brent crude oil was up 20c at $77.84 a barrel by 7.45am GMT. US crude was unchanged at $69.80. The two benchmarks have risen strongly over the past two weeks with Brent gaining about 10% on the expectation that global supply will tighten later this year. "The contracts are in a strong uptrend, but one that looks at the moment to be a bit tired," said Robin Bieber, technical chart analyst at London brokerage PVM Oil Associates. Output from oil cartel Opec rose 220,000 barrels a day in August to a 2018 high of 32.79-million barrels a day, a Reuters survey found. Production was boosted by a recovery in Libyan production and as Iraq’s southern exports hit a record. US drillers added oil rigs for the first time in three weeks, energy services firm Baker Hughes reported on Friday, incr...
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