WTI Oil Ends Above $80 for 1st Time Since 2014

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WTI Oil Ends Above $80 for 1st Time Since 2014

The US benchmark oil price reaches another milestone in its year-long rally, closing above $80 for the first time since 2014 as it finishes 1.5% higher at $80.52 a barrel. Prices soared to as high as $82.18 intraday before ceding some of those gains. “The spot price of crude oil has reached our near-term target of $82 in a raving move that is likely to meet some short-term resistance,” says Spartan Capital’s Peter Cardillo. “We therefore believe some profit taking is likely to develop over the next few sessions with the price stabilizing near the high end of the trading range $78-$81.” WTI’s about 65% higher year-to-date.