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500 days and a billion barrels of lost oil pushes crude to $80

Reuters  |  LONDON 

By Amanda CooperLONDON (Reuters) - It has taken 500 days and the sacrifice of almost a billion barrels in lost oil output for the global crude market to eradicate a deep supply surplus, but oil prices have now hit OPEC heavyweight Saudi Arabia's desired level of $80 a barrel.Brent crude futures reached an intraday high of $80.18 on Thursday, breaching the $80 a barrel level for the first time since November 2014. A vast overhang of unwanted crude stocks has now vanished, investors are buying into the oil price rally more than at any time in the last four years and market watchers are ...

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First Published: Thu, May 17 2018. 18:17 IST