Crude oil price crosses $80 a barrel
BENCHMARK oil contract Brent North Sea hit USD 80 a barrel on Thursday for the first time since late 2014, extending a recent run higher fuelled by tight supply concerns, according to an AFP report from London.
Shortly before 1000 GMT, Brent North Sea crude for delivery in July jumped to USD 80.18 a barrel - the highest level since November 2014. Around 1010 GMT, it pulled back to USD 79.79, still 51 cents higher than Wednesday.
Global oil supplies could be hit by President Donald Trump's decision to pull the US out of the Iran nuclear deal, and also by falling production in crisis-hit Venezuela, the International Energy Agency said yesterday. Prior to today's peak oil prices had already been rising thanks to steady demand growth and a landmark deal by oil producing countries, both inside and outside the OPEC cartel, to lower output.