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Oil boosted by Iran fears, remains below multi-year highs

Reuters  |  NEW YORK 

By Jessica Resnick-AultNEW YORK (Reuters) - Oil prices retreated just below multi-year highs hit early in the day on Tuesday, supported by concerns that U.S. sanctions on Iran are likely to restrict crude oil exports from one of the biggest producers in the Middle East.Brent crude oil reached an intraday peak of $79.47 a barrel, up $1.24 and its highest since November 2014, before retreating to $78.70, up 47 cents, by 1:12 p.m. EDT (1712 GMT).U.S. light crude was 15 cents lower at $70.81 a barrel, also not far off its highest since November 2014, in a volatile session. The difference between ...

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First Published: Tue, May 15 2018. 22:58 IST
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