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Oil surges at start of 2016 trading on Saudi Arabia, Iran tensions

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Global oil benchmark Brent climbed more than a dollar to a high of US$38.50 per barrel on Monday, before easing back to US$38.10 at 0350 GMT, still up over 2 per cent.

Singapore

OIL prices surged during the start of 2016 trading as relations between top crude producers Saudi Arabia and Iran deteriorated, raising concerns about potential supply disruptions, though weak Asian manufacturing data kept a lid on bullish expectations.

Saudi Arabia, the