Oil rallies to a 3-year high

Brent was up more than 1.5%, and West Texas Intermediate was up nearly 1% on Monday afternoon.
Crude prices had been retreating early Monday, but seemed to reverse on new supply concerns.
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Oil prices rallied to fresh three-year highs on Monday afternoon, erasing previous losses in a volatile day of trading.
Brent, the international benchmark surged 1.6% to $74.91 per barrel at 3:00 p.m. ET. West Texas Intermediate also soared, trading up nearly 1% t