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Oil Prices Rebound After OPEC Warning


Oil prices rebounded on Tuesday as doubts emerged about the prospects of a revived Iran nuclear deal in the near term.

Benchmark Brent crude futures jumped 3.5 percent to $101.91 per barrel, while U.S. crude futures were up 3.2 percent at $97.34.

Both contracts dropped around 4 percent on Monday, after recording last week their second consecutive losing week.

“We really don’t know if we’ll get a deal or not, because the United States hasn’t shown the necessary will to reach an agreement,” Iranian foreign ministry spokesman Saeed Khatibzadeh said on Monday.

“What remains are the decisions of Washington,” he added.

The Organization of Petroleum Exporting Countries has warned that it would be impossible to replace 7 million barrels per day (bpd) of Russian oil and other liquids exports lost in the event of sanctions or voluntary actions.

Meanwhile, fears of demand downturn in China eased somewhat after Shanghai eased a draconian two-week lockdown to allow some residents out of their homes.

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