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Brent rises above $109 on China data; Iran comments weigh

Brent oil rose above USD 109 a barrel on Monday after promising China data, but prices may struggle to hold on to gains as risk premiums come off after Iran and the United States signalled a fresh will to end the dispute over Tehran's nuclear programme.Newly elected Iranian President Hassan Rouhani, who was sworn in on Sunday, called for dialogue to reduce "antagonism and aggression". Within hours the United States followed, saying it was ready to work with Rouhani's government if it were serious about engagement.Brent crude gained 5 cents to USD 109 a barrel by 0257 GMT, after touching as low as USD 108.30 and hitting an intraday high of USD 109.13. U.S. oil fell 2 cents to USD 106.92, after slipping to as low as USD 106.01.Brent is expected to drop into a range of USD 106.76-USD 107.40, while U.S. oil is expected to drop into a range of USD 104.12-USD 105.02.

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Brent rises above $109 (05 08 2013)