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Oil rose for the first time in three days in New York, erasing this week’s decline, after German business confidence unexpectedly increased.
Futures gained as much as 1.1 percent after the Munich- based Ifo institute said today its business climate index, based on a survey of 7,000 executives, rose to 109.9 from 109.8 in March. Economists forecast a drop to 109.5, according to the median of 40 economists.
Negotiators from Iran, the five permanent members of the United Nations Security Council and Germany will meet in Baghdad on May 23 to discuss the Persian Gulf nation’s alleged efforts to develop nuclear weapons, a claim it denies. The parties met in Istanbul on April 14 for the first talks in 15 months.
Iranian Oil Minister Rostam Qasemi said yesterday that he hoped for “good news” from the meeting, according to Shana, an oil ministry news website. Further European Union sanctions will affect global energy-supply security and crude prices, he said. The EU plans to put sanctions on Iran’s energy industry into effect July 1.
Crude for May delivery rose to $104.27 a barrel in electronic trading on the New York Mercantile Exchange. It fell to $102.27 yesterday, the lowest close since April 10. The May contract, which expires today, is up 0.5 percent this week. The more-actively traded June future rose $1.02 to $103.74 a barrel.
Brent oil for June settlement was at $118.98 a barrel, up 98 cents, on the London-based ICE Futures Europe exchange. The European benchmark contract’s premium to West Texas Intermediate was at $15.24, compared with $15.28 yesterday.
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