Oil prices rallied by more than 2 percent on Monday to levels not seen since November 2018 as a Reuters source familiar with the matter confirmed a report that Washington is set to announce all imports of Iranian oil must end or be subject to sanctions.
Brent oil hit a 2019 high above $72 a barrel on Wednesday, propelled by steady economic growth in China and a fall in US crude stocks which defied expectations and signalled firm demand, while global supply remained tight.
Gold prices stayed below the key $1,280 level on Wednesday, near a four-month trough, as better-than-expected economic readings from China lifted Asian shares and sharpened risk appetite, denting the metal’s safe-haven appeal.
Oil prices rose for a second day on Wednesday on signs of strong demand from refineries in China, the world's second-largest crude user, amid tightening supply as producers curtail output and as oil inventories in the US fell unexpectedly.
Oil held above $71 a barrel on Tuesday, supported by falling Venezuelan and Iranian exports and fighting in Libya that raised concerns of more supply threats, outweighing expectations of higher U.S. inventories.
Oil prices edged down on Tuesday after a Russian minister said the nation and OPEC may boost crude output to fight the United States for market share, checking a recent rally driven by tighter global production.
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