U.S. oil benchmark closes above $80 a barrel for first time since April

Oil futures rose Thursday, with the U.S. crude benchmark ending above the $80-a-barrel threshold for the first time in three months as investors looked for further tightness in global supplies.

Price action

Market drivers

Crude was back on the rise Thursday. Bullish analysts contended that tight supplies and optimism over the outlook for the global economy, with central banks seen close to the end of a cycle of interest rate rises, should keep prices supported.

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