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Crude Rises On Disappointing Iran Talks

ByICN.com
Published 11/11/2013, 04:22 AM
Updated 07/09/2023, 06:31 AM
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Crude oil advanced on Monday after Iran and six world powers failed to reach a deal on Tehran's nuclear program during their meeting in Geneva during the weekend, tempering expectations of an end to the decade-long stalemate.

While some diplomats believe a deal is still possible, US lawmakers are trying to tighten sanctions on Iran which could push oil prices even higher. Negotiations will resume on a lower-level on November 20.

- WTI crude oil futures for December is trading around $ 94.80 a barrel after rising $0.20

- Brent futures for December settlement is trading around $ 105.45 a barrel after rising $0.33

Prices also climbed as China’s data showed an expansion in industrial production in October confirming the economy has found its footing which could increase demand on oil, while Saudi Arabia, biggest oil producer in OPEC, cut its crude output in October.

While markets continue to monitor the latest developments from Libya as inside tensions are worsening, the US Federal Reserve will get plenty of attention too amid believes the monthly bond purchases will be cut sooner rather than later.

- Natural gas is trading at $ 3.571 per cubic feet after rising 0.34%

- Gasoline is trading at $ 2.561 per cubic feet after rising 0.30%

- Heating oil (diesel) is trading at $ 2.8797 a gallon after rising 0.26%

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