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May 22 (Bloomberg) -- Oil rose for a second day in New York as the Obama administration said it will oppose an easing of sanctions on Iran and amid speculation the U.S. economy may improve, boosting fuel consumption.
Futures gained as much as 0.5 percent. U.S. negotiators headed to Baghdad for a second round of talks tomorrow on Iran’s nuclear program won’t give the nation relief from sanctions that are hobbling its oil exports, according to officials who spoke on condition of anonymity because of the sensitivity of the issue. Existing U.S. home sales probably climbed last month, a Bloomberg News survey showed.
Crude for June delivery, which expires today, advanced as much as 44 cents to $93.01 a barrel in electronic trading on the New York Mercantile Exchange and was at $92.93 at 9:55 a.m. Sydney time. The more-actively traded July contract climbed 34 cents to $93.20. Front-month futures rose 1.2 percent yesterday, the first gain in seven days, to $92.57 and are down 6 percent this year.
Brent oil for July settlement gained $1.67, or 1.6 percent, to $108.81 a barrel on the London-based ICE Futures Europe exchange yesterday. The front-month price for the European benchmark contract closed at a premium to West Texas Intermediate of $15.95.
The U.S., U.K., France, Germany, China and Russia hold talks tomorrow with Iran, the second-biggest producer in the Organization of Petroleum Exporting Countries, as sanctions cripple its ability to export and get paid for crude. The embargo has forced the country back to negotiations and the U.S. is in no hurry to ease the pressure before a deal is done, said the officials.
Existing-home sales in the U.S. rose 2.9 percent to a 4.61 million annual rate in April compared with March, a report from the National Association of Realtors will probably show today, according to the median estimate of 73 economists in a Bloomberg News survey.
To contact the reporter on this story: Ben Sharples in Melbourne at bsharples@bloomberg.net
To contact the editor responsible for this story: Alexander Kwiatkowski in Singapore at akwiatkowsk2@bloomberg.net
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