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Oil at 18-month high

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Oil at 18-month high

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Oil has hit its highest price in 18 months as more investors piled in at the start of the new quarter, seemingly unconcerned by yet another rise in US crude oil inventories.

That is also despite the dollar being stronger, something which often dampens enthusiasm for commodities which are priced in dollars.

Analysts said the possibility of new sanctions against Iran could be underpinning the market.