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Asia shares mostly higher, U.S. crude powers past $70


Added 05-07-18 02:03:02am EST - “Most Asia markets firmed on Monday after a tame reading on U.S. wages lessened the risk of faster rate hikes by the Federal Reserve, although Sino-U.S. trade tensions and a looming deadline for an Iranian nuclear deal lurked in the…” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “Asia shares mostly higher, U.S. crude powers past $70”. Below is an excerpt from the article.

SYDNEY (Reuters) - Most Asia markets firmed on Monday after a tame reading on U.S. wages lessened the risk of faster rate hikes by the Federal Reserve, although Sino-U.S. trade tensions and a looming deadline for an Iranian nuclear deal lurked in the background.

Energy shares were on a roll as oil prices hit their highest in more than three years amid strains in Venezuela’s output and talk of possible new U.S. sanctions against Iran.

President Donald Trump has set a May 12 deadline for Europeans to “fix” the deal with Iran over its nuclear program or he would refuse to extend U.S. sanctions relief for the oil-producing Islamic Republic.

Brent crude futures LCOc1 added 76 cents to $75.63 a barrel, while U.S. crude CLc1 climbed 64 cents to $70.36 to finally crack the $70 barrier.

The week ahead also has important readings on the health of the Chinese economy, and hence global demand, as well as the latest data on U.S. consumer price inflation.

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