Oil prices rallied and traded with great volatility yesterday as driven by strong Chinese PMI data, better-than-expected US jobless claims and escalated tensions over Iran. The front-month contract for WTI crude oil rose above 110 for the first time since May 2011 before ending the day at 108.84, up +1.65%, while the equivalent Brent crude contract jumped to 128.4 before settling at 125.39, +0.19%.
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Oil Rallies on Supply Worries in Middle East
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