Oil prices retreated below multi-year highs hit early in the day on Tuesday, supported by concerns that U.S. sanctions on Iran that are likely to restrict crude oil exports from one of the biggest producers in the Middle East.
Prices remained capped a stronger dollar and by concerns that China's economic growth may be slowing after the major oil consumer reported weaker-than-expected monthly data.
U.S. light crude up 35 cents to $71.31 a barrel, after briefly spiking to $71.92, the highest level since Nov. 28, 2014.
Brent crude oil reached $79.47 a barrel, its highest since Nov. 25, 2014. By 2:29 p.m. ET, Brent was up 19 cents at $78.42.