Oil holds near four-year highs, with $100 looking more likely
'The camp of believers that $100 oil could be reached continues to expand, with spare capacity concerns continuing to grow'
Singapore — Oil markets were firm on Tuesday, with Brent crude holding near four-year highs reached the previous day as markets adjust to the prospect of tighter supply once US sanctions against Iran kick in next month. International benchmark Brent crude oil futures were at $85.03 a barrel at 4.39am GMT, up 5c from their last close and not far off the $85.45 peak reached in the previous session, the highest since November 2014. Brent has risen about 20% from the most recent lows in August. US West Texas Intermediate (WTI) crude futures were up 24c or 0.3% at $75.54 a barrel. WTI is up by about 17% since mid-August. Sentiment was lifted by a last-gasp deal to salvage Nafta as a trilateral pact between the US, Mexico and Canada, rescuing a $1.2-trillion-a-year open-trade zone from the brink of collapse. "Crude prices continued their meteoric rise as Canada and (the) US updated the Naftatreaty, which would augur well for economic growth," said Sukrit Vijayakar, director of energy cons...
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