"The catalyst for the latest move appears to be more concerns about the state of the supply and demand balance and OPEC's apparent unwillingness to do anything about it, even as Iran faces fresh sanctions and Venezuelan production is pressured", said Greg McKenna, an analyst at AxiTrader.
Brent crude futures were at $79.40 per barrel at 0655 GMT, up 0.12 percent from their last close.
The CEO of French oil giant Total said on Thursday (May 17) he would not be surprised to see the price of a barrel of crude reach US$100 later this year.
The 50 percent rise in oil prices in the a year ago is encouraging major companies such as ExxonMobil (XOM.N), Royal Dutch Shell (RDSa.L), Chevron (CVX.N), BP (BP.L) and Total (TOTF.PA) to increase output.
Crude has rallied this month after U.S. President Donald Trump pulled out of a nuclear agreement with world powers that had eased sanctions on Iran in exchange for curbs on its atomic program.
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Fenix Grange of the state Department of Health said 10 new air quality monitors have been installed "circling the rift areas". "I mean, I expected there would at least be one of the bigger earthquakes just before, or a boom or something".
US West Texas Intermediate (WTI) crude futures settled unchanged at US$71.49, after earlier also hitting their highest since November 2014 at US$72.30 a barrel.
U.S. President Donald Trump's decision this month to withdraw from an global nuclear deal with Iran and revive sanctions that could limit crude exports from OPEC's third-largest producer has boosted oil prices.
Further, the global oil inventories are expected to remain under pressure due to supply constraints arising from the geopolitical turmoil.
As an aside, analysts at Barclays Research bumped up their forecast for the price of oil in 2020 and beyond from $60 a barrel to $65.
The IEA said global oil demand would average 99.2 million bpd in 2018.
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Premiere blames a miscommunication between Kennedy and the interviewer for the previous erroneous quote. So, we don't yet have a confirmed Lando movie.
In addition, the IEA has cut its oil consumption forecasts as higher prices work to reduce future demand.
Crude prices have received broad support from voluntary supply cuts led by the Organisation of the Petroleum Exporting Countries (OPEC) aimed at tightening the market.
The bottleneck in North America likely contributed to a 4.9 million barrel rise in USA crude oil inventories, to 435.6 million barrels, that the private American Petroleum Institute reported on Tuesday.
"Demand at the start of the year was supported by cold weather in Europe and the United States, the start-up of new petrochemical capacity in the USA and a solid economic background", the IEA said.
Iran's base oils market outlook is clouded with uncertainties following the US' decision to re-impose sanctions on the country.
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Israel fired back Tuesday and asked the Turkish Consul General in Jerusalem to also temporarily leave. Erdogan hit back, saying Hamas is a "resistance movement".
Global oil prices have risen to breach the $80 a barrel mark for the first time in nearly four years as the market reacts to a reigniting of geopolitical tensions and economic collapse among the world's largest oil producers.