Oil Rises after Iran Nuclear Talks Stall
Oil prices rose in Asian trade Monday after marathon talks in Geneva aimed at convincing Iran to halt its disputed nuclear program ended without an agreement, analysts said.
New York's main contract, West Texas Intermediate (WTI) for December delivery, was up 15 cents to $94.75 in afternoon trade, while Brent North Sea crude for December rose 42 cents to $105.54.
"We see no breakthrough in the nuclear talks held between Iran and the six powers in Geneva," Teoh Say Hwa, head of investment at Phillip Futures in Singapore, told Agence France Presse.
"This has deferred concerns over the influx of Iranian oil into global markets, hence supporting crude oil prices," she said.
Diplomats on Sunday insisted they were closing in on agreement to curb Iran's nuclear program despite the failure to clinch a long-sought deal.
The Islamic republic has been crippled by a series of U.N. and U.S. sanctions aimed at bringing an end to its nuclear drive, which the West claims is being used to develop atomic weapons. Iran denies the assertion.
The so-called P5+1 group of major powers -- Britain, France, the United States, Russia, China plus Germany -- plan to meet again with Iranian delegates on November 20 with the hope of securing a short-term deal that would freeze the country's nuclear activities while both sides work on a comprehensive agreement.
Oil prices were also supported by strong U.S. job and growth figures at the end of last week that exceeded forecasts and provided fresh evidence of a recovery in the world's biggest economy, Teoh said.
Source: Agence France Presse
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