Oil markets firm as Brent edges closer to $80 per barrel

Updated: few hours ago

Singapore: Oil prices firmed on Thursday, with Brent crude creeping ever closer to $80 per barrel, a level it has not seen since November 2014, as supplies tighten while demand remains strong. Brent crude futures LCOc1 were at $79.32 per barrel at 0027 GMT, up 4 cents from their last close.

 

US West Texas Intermediate (WTI) crude futures were at $71.68 a barrel, up 19 cents, or 0.3 percent, from their last settlement.

 

ANZ bank said on Thursday that Brent was “now threatening to break through $80 per barrel ... (as) geopolitical risks continue to support prices, (and) an unexpected fall in inventories in the US got investors excited yesterday.”