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Market Update: Crude Oil Lifts in Early Deals
Crude oil prices lifted about 1% in early APAC deals on Monday, extending gains for the 5th consecutive week and trading near fresh multi-year peaks as investors were optimistic about an improved outlook for demand as the coronavirus vaccination campaign continues and economies reopen. On the supply side, OPEC+ recently agreed to keep to their plan to gradually ease supply curbs through July, signalling the ongoing strengthening of market fundamentals. In other news, the European Unions envoy to the negotiations noted Sunday that Iran and six world powers have adjourned nuclear talks for consultations in their capitals. [/s2If]
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