Oil steadied on Wednesday, as concerns that producers may fail to cover a shortfall in supply once U.S. sanctions on Iran come into force outweighed an increase in U.S. inventories. Brent crude futures LCOc1 were up 2 cents at $79.05 a barrel by 0854 GMT, having gained 1.3 percent on Tuesday following media reports that Saudi Arabia, the world’s largest oil exporter, was comfortable with prices above $80. U.S. crude futures CLc1 were up 15 cents at $70.00, after gaining 1.4 percent the day before. “Whether or not this (price) development was justified, it is a supply-side development and the market has reacted to it,” PVM Oil Associates strategist Tamas Varga said. “Trade wars, if anything, should impact oil […]