The global benchmark Brent closed above $85 a barrel for the first time since October 2018 amid a stronger equity market and ongoing concerns around a worldwide energy crisis.Brent crude futures eked out a 0.9% gain on Tuesday after a choppy session, while the U.S. benchmark crude closed at a fresh seven-year high. Risk-on sentiment prevailed in the broader markets as equities rose and the U.S. dollar weakened. Meanwhile, Russia signaled that it won’t go out of its way to offer European consumers extra gas to ease supply tightness unless it gets approval for a controversial pipeline.“Crude price volatility is here to stay as demand uncertainty remains elevated over the short-term,” said Ed Moya, senior market analyst at Oanda Corp. “There is a lot of noise in all this morning’s headlines, but given the relentless winning streak, oil prices are ripe for significant rounds of profit-taking.”
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