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Oil gained more than 3% on Monday amid news that negotiations for the resumption of the 2015 nuclear deal is becoming more and more difficult.
In fact, on Sunday, Iran said its agreement with the UN expired, so its power to monitor Iranian nuclear facilities will be removed. However, all data collected will not be erased, as agreed by Iran and the International Atomic Energy Agency. Both parties also decided to extend the deal for one more month.
Diplomats warned that refusing to renew the monitoring agreement may derail the already fragile negotiations on the 2015 nuclear deal.
Brent futures rose 3% ($ 2.02), so the price is now at $ 68.46. Meanwhile, WTI jumped 3.9% ($ 2.47), thereby hitting $ 66.05.
As mentioned above, negotiations on the 2015 nuclear deal are becoming more and more difficult.
Energy Futures Director Bob Yauger said the stumbling block lies on the side of Iran.
But analysts at Goldman Sachs assured that even if Iran increases its production and supply, global demand will still offset it.
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