Brent crude rose 94 cents to $123.28 a barrel, over growing concerns of Iranian supplies being disrupted due to Western sanctions.
A key Chinese insurer said it would drop coverage for tankers with Iranian oil, a move that could further limit exports from Iran and tighten global crude supply.
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US crude gained 73 cents to $102.20 a barrel, as the world’s top consumer showed signs of a recovery, raising hopes for a positive nonfarm payrolls report tomorrow.
The employment report for March by the US Labor Department is anticipated to show a gain of 203,000 jobs, reports Reuters.
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