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Oil rebounded from a seven-month low as world powers and Iran struggled to overcome disagreements at their second round of meetings on the country’s nuclear program.
Prices climbed as much as 1.8 percent after the meeting resulted in no binding pledges from Iran to ensure the nation’s nuclear work is peaceful. Chinese, French, German, Russian, U.K. and U.S. negotiators -- the so-called P5+1 group -- are pressuring Iran to immediately halt production of uranium enriched to 20 percent, according to diplomats at the talks.
Oil reduced gains earlier after data showed U.S. orders for computers, machinery and other capital equipment dropped in April for a second month, pointing to a slowdown in business investment.
Crude for July delivery gained to $91.52 a barrel on the New York Mercantile Exchange. Brent oil for July settlement rose $1, or 0.9 percent, to $106.56 a barrel on the London-based ICE Futures Europe exchange.
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