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Oil rises to USD 80 a barrel in London for first time since 2014

The price rose to USD 80 per barrel in London for the first time since price plunge in 2014 as US crude inventories decreased and oil traders prepare for renewed economic sanctions on Iran.

Photo: Bloomberg

Oil rose to USD 80 a barrel in London for the first time since 2014 as US crude inventories fell and traders braced for the impact of renewed sanctions on OPEC member Iran.

Crude has rallied this month on concern that President Donald Trump's decision to quit an international accord with Iran and reimpose sanctions will strain global supplies just as markets are already tightening. The glut that had weighed on prices for the past three years has finally been eliminated, thanks to strong demand and output cuts by other producers in OPEC, the International Energy Agency said on Wednesday.

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