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Market Update: Crude Oil Hits 11-week High
WTI crude bounced back above $66 a barrel, as traders await the outcome of the Iran talks while better-than-expected jobs data out of the US provided some support to bullish demand recovery narrative. Goldman Sachs said earlier in the week that the case for higher oil prices remains intact, even if a breakthrough in negotiations between Washington and Tehran materializes. Meantime, data from the American Petroleum Institute industry group showed that US crude stocks fell more than expected last week. 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. [/s2If]
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