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Economy

Oil rises back to $80 as supply concerns mount

Updated : May 22, 2018 07:51 PM IST

Crude is trading at the highest since late 2014, underpinned by a supply-cutting deal among the Organization of the Petroleum Exporting Countries plus Russia and other non-members, and strong global demand.
US crude was up 4 cents at $72.28, having earlier traded at $72.72, its highest since November 2014.
Venezuela and Iran are members of OPEC, which with its allies has curbed production since January 2017 to get rid of a supply glut that in mid-2014 led to a price collapse.
Oil rises back to $80 as supply concerns mount
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