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image: Reuters

Oil hits March high, buoyed by Middle East tensions

March 20, 2018

Oil prices hit March highs on Tuesday, finding support from concerns over tensions between Iran and Saudi Arabia, and about Venezuela crude production.

April West Texas Intermediate crude CLJ8, +2.14% rose by $1.20, or 1.9%, to $62.26 a barrel on the New York Mercantile Exchange. The April contract expires at the day’s settlement. May WTI crude CLK8, +2.21% which becomes the front-Mont contract, tacked on $1.18, or 1.9%, to $63.31.

May Brent crude LCOK8, +1.97% gained $1.22, or 1.9%, to $67.27 a barrel on ICE Futures Europe.

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