Oil trades higher, Brent hits $80 per barrel

Markets 5/17/2018, 12:08 PM
Oil trades higher, Brent hits $80 per barrel

Crude prices traded in the green on Thursday with international benchmark Brent breaking the important level of $80 per barrel to trade at the highest level in three and a half years. Investment incentives were higher amid global market tightening signs as market watchers continue to anticipate the new Iran sanctions will greatly affect the country's oil supply.

Meanwhile, OPEC and other major oil producers continued to implement production caps of up to 1.8 million barrels per day, reporting record compliance and stating that the market oversupply that has been prevailing for three years has been greatly reduced. US crude inventories have also been declining in the past few months and are expected to drop further during the summer driving season.

West Texas Intermediate for June delivery gained 0.87%, changing hands for $72.11 per barrel at 12:04 pm CET while the international benchmark Brent for settlements in July added 0.74% to trade for $79.88 after hitting $80 per barrel at 11:47 am CET.

Breaking the News / VK

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F WBS-

67.59
Chart for: F WBS 7/18

Brent Crude (...-

76.38
Chart for: F BRN 7/18