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Oil closes flat after falling from its highest level since 2014
Oil prices jumped above $ 80 a barrel during trading on Thursday, the first time since November 2014, before giving up gains on the rise of the dollar and increased US production, ending the session with little change.
A rapid decline in oil supplies from Venezuela, concern over a disruption in Iran's exports due to new US sanctions, and a decline in global stocks pushed oil prices up about 20 percent in 2018.
The US dollar hit a four-month high against the yen as US Treasury yields rose to a seven-year high, the economic bulletin told Reuters.
The strength of the dollar makes oil more expensive for crude-importing countries such as those in Asia, which faces a bill of up to $ 1 trillion for imports this year as demand on the continent hit a record high.
Global Brent crude jumped $ 80.50 a barrel at $ 80.50 a barrel, but later dropped its gains to settle at $ 79.30, an increase of only two years.
US benchmark West Texas Intermediate crude futures closed unchanged at $ 71.49 a barrel, having also earlier recorded its highest level since November 2014 at $ 72.30 a barrel.
Global stocks of crude oil and fuel have fallen sharply in recent months on strong demand and OPEC-led output cuts.
US oil production jumped 27 percent in the past two years to a record 10.72 million barrels per day and is very close to the production of Russia, the world's largest producer of crude, which is 11 million barrels per day.
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