Oil futures rose Thursday, with U.S. benchmark crude prices touching highs above $80 a barrel for the first time in three months, as investors looked for further tightness in global supplies.Price action
West Texas Intermediate crude for September delivery
rose $1.09, or 1.4%, to $79.87 a barrel on the New York Mercantile Exchange. Prices for the front-month contract traded as high as $80.16, the first move above $80 and highest intraday level since April 19, FactSet data show.
September Brent crude
the global benchmark, rose 85 cents, or 1%, to $83.77 a barrel on ICE Futures Europe. October Brent
the most actively traded contract, was up 78 cents, or 0.9%, at $83.34 a barrel.
Back on Nymex, August gasoline
rose nearly 0.1% to $2.9087 a gallon, while August heating oil
gained 0.7% at $2.8636 a gallon.
August natural gas
declined 5% to $2.533 per million British thermal units, ahead of the contract’s expiration at the end of the trading session. September natural gas
traded at $5.575, down 4.3%.
Market drivers Crude was back on the rise Thursday. Bullish analysts contend tight supplies and optimism …