Oil jumps after US State Department shake up

Oil jumps after US State Department shake up

Oil prices rose after US President Donald Trump fired Secretary of State Rex Tillerson, sparking a dollar fall and concern that a deal on Iran's nuclear programme could collapse.

May Brent crude futures were up 41 cents at $65.36 a barrel on the ICE Futures Europe exchange by 1415 GMT, off an earlier low of $64.35, while April U.S. West Texas Intermediate (WTI) crude futures were up 34 cents at $61.70 a barrel on the New York Mercantile Exchange.

Both crude benchmarks dropped by around 1% on Monday after the US Energy Information Administration said output from the shale basin would hit a new record high in April, Reuters reported.

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