Energy and technology shares helped drive U.S. stocks to their highest in more than two weeks on Monday ahead of a crucial inflation reading this week that could determine the pace of interest rate hikes by the Federal Reserve.
Oil prices are set to surge further this week due to delays to the conclusion of Iranian nuclear talks and the potential return of Iranian crude to global markets, which are already suffering from Russian supply disruptions, analysts said
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Crude Oil Prices Outlook: Iranian Nuclear Talks and Viral Resurgence in Focus
CRUDE OIL PRICE OUTLOOK:
The US and Iran are holding nuclear talks in Vienna on Tuesday, paving the way for potential lifting sanctions on Iranian oil exports
The chance for a deal to be struck any time soon remains thin, alleviating some pressure on prices
Climbing Covid-19 cases in the EU and the extension of a foreign travel ban in the UK dampened the energy demand outlook
Crude oil prices rebounded slightly during Tuesday’s APAC session as traders shrugged off fears about rising Iranian crude oil exports ahead of a nuclear talk held in Vienna. The meeting aims to bring both Iran and the US back to the 2015 nuclear accord, which was subsequently abandoned by former President Donald Trump. Strict economic sanctions, including limiting its oil exports, were imposed on the Middle Eastern country by the US since. Iran insists it can return to compliance to the nuclear deal only if the US backtracks
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