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July 13, 2021, 1:11 p.m. EDT

Oil futures climb to mark session highs in afternoon trading

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By Myra P. Saefong

Oil futures climbed sharply in Tuesday dealings to touch fresh highs for the session. "Risk-on money flows" drove the U.S. stock market higher and "we are likely seeing oil move higher in sympathy with other risk assets," said Tyler Richey, co-editor at Sevens Report Research. Nuclear talks between Iran and world powers, meanwhile, aren't expected to resume until mid-August --- after the inauguration of Iran's new president, according to a report from Bloomberg . Traders have been monitoring progress in the discussions as a nuclear agreement would likely lead the U.S. to lift sanctions on Iran, allowing it to contribute more oil to the world market. "The U.S./Iran headlines may be offering traders an excuse to buy/cover shorts but...the lack of progress on the nuclear front has been largely priced in," said Richey. On the New York Mercantile Exchange, August West Texas Intermediate crude climbed $1.30, or nearly 1.8%, to $75.40 a barrel after touching a high at $75.52.

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