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Market Update: Brent Crude Fails to Hold Gains
Brent crude futures traded around $68 a barrel on Tuesday, after rising more than 5% in the previous two days, as investors try to assess if a recovery in demand will be able to soak up any extra flows from Iran if the nations nuclear deal is reached. Talks on reviving the 2015 nuclear agreement between Iran world power will continue this week but Goldman Sachs said that the case for higher oil prices remains intact, even if a breakthrough in negotiations between Washington and Tehran materializes. The oil market is heading for a monthly gain in May, the fourth out of five this year, as prospects of growing demand in the US, Europe and China more than offset concerns over rising Covid-19 cases in India. [/s2If]
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