Financial Digest

Oil rises amid concern about supply

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Brent adds to gains made in the first quarter, as worry about supply outweighs the fear of a slowing global economy

A gas flare burns at Russian oil refinery, operated by OAO Lukoil. in Russia. Picture: BLOOMBERG

US West Texas Intermediate futures rose 32c, or 0.5%, to $60.46 a barrel, after posting a rise of 32% in the January-March period. US production has also steadied, with the US government reporting on Friday that domestic output in the world’s top crude producer edged lower in January to 11.9-million barrels a day.

US officials are keen to ensure see that Malaysia, Singapore and others are fully aware of illicit Iranian oil shipments and the tactics Iran uses to evade sanctions, Mandelker said.

 

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