Oil Near 3-Week High as Political Risks Vie With Demand Worries
- Chinese market reopens after week-long Lunar Near Year holiday
- Brent crude futures near $83, while WTI trades above $79
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Oil held near the highest level in three weeks as persistent geopolitical tensions countered concerns over the demand outlook.
Brent crude was trading near $83 a barrel in London after rallying almost 8% in the previous two weeks. Crude futures in New York were above $79. Activity was subdued as a result of a holiday in the US.