Oil climbs on Middle East unrest, with Brent notching another multiyear high

Oil climbs on Middle East unrest, with Brent notching another multiyear high

West Texas Intermediate, the USA marker, is $3.21 a barrel below Middle East benchmark Dubai.

USA light crude closed 35 cents, or 0.5 percent, higher at $71.31 a barrel, also not far off the day's peak at $71.92, its highest since November 2014.

In China, the world's biggest oil importer, refinery runs rose almost 12 percent in April compared with the same month a year ago, to around 12.06 million barrels per day (bpd), marking the second-highest level on record on a daily basis, data showed on Tuesday.

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USA light crude was 26 cents lower at $70.69 a barrel, also not far off its highest since November 2014.

Oil prices rose to multiyear highs on Tuesday, bolstered by signs that major oil producers are still committed to reducing supply and the rising specter of USA sanctions against Iran. The coming US sanctions pushed up oil prices last week after President Donald Trump withdrew the United States from the nuclear deal.

Elsewhere, supply concerns have been mounting over the last week after President Donald Trump the United States pulled out of the Iran nuclear deal - a move that reimposes sanctions on Iranian barrels. "The loss of Iranian barrels could tighten supplies of Middle Eastern medium-sour crudes and be supportive of Dubai oil, as traders watch for any response from other Gulf producers".

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During the week from April 28 to May 4, the API reported a draw of 1.85 million barrels of crude oil.

"A rising oil price brings upside price risk to all commodities", Morgan Stanley said in a note this week.

OPEC's success with the oil production cutting deal has been to a significant extent aided by Venezuela's catastrophically dropping production as the country grapples with foreign exchange shortage, USA sanctions, and a devastating economic crisis. With Japan and South Korea already indicating that they will aim to attain a waiver from the U.S. in order to continue buying Iranian crude, the impact of Trump's actions will rest on how far he goes in comparison with Obama's previous sanctions.

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OPEC figures published on Monday showed oil inventories in OECD industrialized nations in March fell to 9 million barrels above the five-year average, from 340 million barrels above the average in January 2017.

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