Oil on Thursday touched $80 a barrel in London for the first time since 2014 as U.S. crude inventories fell and analysts raise their forecasts for crude prices amidst renewed sanctions on OPEC member Iran. Higher oil price means lower budget deficit and reduced debt service burden for oil dependent economies like Nigeria. Crude has rallied this month on concern that President Donald Trump’s decision to quit an international accord with Iran and reimpose sanctions will strain global supplies just as markets begin to show signs of a tightening. Analysts say the glut that had weighed on prices for the past three years has finally been eliminated, thanks to strong demand in key markets like China and output cuts by OPEC and its non-cartel partners including Russia. Oil’s advance to $80 brings it to the level that OPEC’s biggest member, Saudi Arabia, is reportedly seeking to cover the cost […]