Crude oil price crosses $80 a barrel

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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.

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