Brent Oil Price Rises Above $80 Per Barrel As Supply Tightens

Brent crude has climbed above $80 a barrel for the first time since early May, a sign that supply is gradually tightening and demand growing. The oil prices gains came despite data showing U.S. crude inventories jumped by nearly 6 million barrels last week with traders focusing on surging domestic demand during the summer driving season. The latest oil price rally comes after Saudi Arabia, for the second month running, extended its voluntary 1M bbl/day oil production cut for another month, this time till August. The reduction will take…