5/21, 3:29 PM (Source: TeleTrader)
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Oil rises 2% as oversupply concerns ease

The prices of crude rose by more than 2% on Friday, recovering some of the losses recorded earlier during the week, and bringing the West Texas Intermediate (WTI) back north of the $63-mark.

The traders managed to shake off the initial worries prompted by the progress in talks between the United States and Iran. Upbeat data from both Germany and the euro area seemingly helped the investors shrug off concerns of the Iranian supply of crude's potential impact on the global market.

Brent for July deliveries advanced 1.86%, going for $66.32 per barrel at 9:18 am ET, while WTI for settlements in the same month jumped 2.24% to sell for $63.32 per barrel a minute later.

Breaking the News / BU