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Brent oil hits USD 80 for first time since late 2014

AFP  |  London 

contract hit USD 80 a barrel today for the first time since late 2014, extending a recent run higher fuelled by tight supply concerns.

Shortly before 1000 GMT, 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 supplies could be hit by Donald Trump's decision to pull the US out of the nuclear deal, and also by falling production in crisis-hit Venezuela, the International Energy Agency said yesterday.

Prior to today's 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.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, May 17 2018. 16:00 IST