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Oil steadies boosted by Iran fears, capped by China data

Reuters  |  NEW YORK 

By Jessica Resnick-AultNEW YORK (Reuters) - Oil prices retreated below multi-year highs hit early in the day on Tuesday, supported by concerns that U.S. sanctions on Iran that are likely to restrict crude oil exports from one of the biggest producers in the Middle East.Prices remained capped a stronger dollar and by concerns that China's economic growth may be slowing after the major oil consumer reported weaker-than-expected monthly data. Brent crude oil reached an intraday peak of $79.47 a barrel, up $1.24 and its highest since November 2014, before retreating to $78.37, up 14 cents by ...

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First Published: Tue, May 15 2018. 20:37 IST