Oil little changed as Brent hits $75 a barrel, its highest since November 2014
New York — Oil prices were little changed on Tuesday after Brent hit its highest level since November 2014, supported by strong demand, oil cartel Opec-led production cuts, and the prospect of renewed US sanctions on Iran. Brent traded as high as $75.47 and was up 4c at $74.75 by 3.58pm GMT. West Texas Intermediate (WTI) crude slipped 9c to $68.55, retreating from the November 2014 high it hit on Thursday. WTI’s discount to Brent was as wide as $6.27 Tuesday, its largest since January 5, on rising US production. The US will decide by May 12 whether to quit a nuclear deal with Iran and re-impose sanctions, tightening global supplies. Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda, said new sanctions against Tehran "could push oil prices up as much as $5 a barrel". US President Donald Trump warned Iran on Tuesday not to follow through with threats to restart its nuclear programme, as he and French President Emmanuel Macron struggled to find common ground on...
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