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Market Update: Crude Oil Declines in Early Trade
Crude oil prices fell on Thursday, following slight gains in the previous session as investors continue to monitor whether a recovery in demand would be enough to absorb any increase in Iranian oil exports if the nations nuclear deal is revived. Among data, the American Petroleum Institute reported that crude oil inventories in the United States dropped by 1.662 million barrels in the May 21st week, above market forecasts of a 1.05 million fall. 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 coronavirus cases in Asia. On Wednesday, Brent crude settled up 16 cents, or 0.3%, to $68.87 a barrel, while WTI crude settled up 14 cents, or 0.2%, at $66.21 a barrel. [/s2If]
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