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Oil pulls back from multi-year highs on China economy fears

Reuters  |  NEW YORK 

By Jessica Resnick-AultNEW YORK (Reuters) - Oil prices retreated from a 3-1/2-year high on Tuesday, weakening as the market reacted to weak economic data from China and a rising dollar index. Prices maintained support, however, from tight supply and planned U.S. sanctions against Iran that 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 $78.14, down 9 cents by 10:09 EDT.U.S. light crude was 26 cents lower at $70.69 a ...

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First Published: Tue, May 15 2018. 20:02 IST