Oil retreated from an early high above $60 a barrel and global equities suffered modest losses yesterday as investors reassessed the outlook for risky assets in the wake of the strong gains recorded over the past two months.
In commodities, the benchmark US oil price touched a fresh six-month high of $60.08 after Chinese import data painted a picture of strong domestic demand for raw materials.
Kevin Norrish, at Barclays Capital, said China's buying had been a key factor in limiting what might otherwise have been a build-up of huge global surpluses.
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