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Some analysts expect U.S. and European economic sanctions against Iran will tighten in the coming months, making it more difficult for the OPEC member to export oil. Crude has jumped from $75 in October amid concern a military strike by Israel or the U.S. against Iran's nuclear facilities will disrupt global crude supplies. Six global powers met with Iran earlier this month and another round of negotiations is scheduled for next month. "As we approach summertime the rhetoric over Iran may heat up again and that will likely cause pricing to strengthen," Shum said. Investors will be closely watching first quarter U.S. gross domestic product results scheduled to be released later Friday. On Thursday, the Federal Reserve boosted its outlook for this year's economic growth and employment. In other energy trading, heating oil was down 1.1 cents at $3.19 per gallon and gasoline futures fell 0.8 cent at $3.13 per gallon. Natural gas rose 1.6 cents at $2.14 per 1,000 cubic feet.
[Associated
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