The price of Brent oil exceeded $80 per barrel

Oil prices surpassed the psychological mark of $80 a barrel for the first time since 2014. The increase in prices contributed to the reduction of stocks in the United States, as well as prospects for the resumption of sanctions against Iran

Bloomberg reports.

So, before 12:50 pm, the price of July futures for Brent crude oil on the London Stock Exchange ICE Futures amounted to 80.18 dollars per barrel. Later, the price reduced the growth and By 13:00 am amounted to 79.89 dollars per barrel.

The cost of the June WTI oil contracts rose to $72.12 a barrel by 13:00, also reaching a peak since November 2014.

Recall that according to the US Department of Energy, oil reserves in the country for the week ended May 11, decreased by 1.4 million barrels, to 432.4 million barrels. Forecasts of analysts surveyed by S & P Global Platts suggested a reduction of 2.3 million barrels of oil reserves.

In addition, the market continues to wait for the presidential elections in Venezuela this weekend. According to CNBC, US authorities may impose sanctions against Venezuela if they consider that the elections were falsified.

Earlier, the oil and gas minister of Oman, Mohammed Hamad al-Rumhi, said that oil at a price of $ 100 is still far. He noted that the oil market still has an excess supply, although the market is close to achieving the balance.

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