Oil seen topping $80 a barrel

Crude oil is set to rise above the $80 a barrel level in the next few months as output tails off, maintaining energy’s role in a continuing commodity bull market, a hedge fund manager said on Wednesday.

“In the next few months we will see oil above $80, as it has passed the peak of the production cycle,” David Murrin, chief investment officer at UK-based Emergent Asset Management said at the Reuters Hedge Funds and Private Equity Summit on Wednesday.