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Brent Gains on Cyprus Deal

Brent crude oil began the week with gains and traded at $108.27 at 10:15 GMT on Monday morning. The commodity found support after eurozone leaders reached a last minute deal for Cyprus' bailout and averted a financial meltdown and possible eurozone exit.

The plan includes $13 billion worth of funding in exchange for deep restructuring of the country's banking sector. Cyprus' second largest bank, Cyprus Popular Bank PLC, will be closed and large deposits over 100,000 euros will face heavy losses. Although the plan kept the tiny island nation's banks from failing, many believe the damage to Cyrpus' economy has already been done and the country has a difficult and painful road ahead.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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