Published November 11, 2013
KUALA LUMPUR, Malaysia – Oil prices rose Monday after negotiations in Geneva to curb Iran's nuclear program were stalled.
Benchmark U.S. crude for December delivery was up 15 cents to $94.75 a barrel at midafternoon Kuala Lumpur time in electronic trading on the New York Mercantile Exchange. Brent crude, the international benchmark, rose 28 cents to $105.40 a barrel on the ICE exchange in London.
Six key powers are considering a gradual rollback of sanctions that have crippled Iran's economy. In exchange, they demand initial curbs on Iran's nuclear program, including a cap on enrichment to a level that can be turned quickly to weapons use.
The U.S.-led negotiations, however, failed to strike a deal over the weekend. This eased concerns of an influx of Iranian oil into world markets at a time of already abundant supplies.
Unexpectedly strong economic growth and employment data in the U.S. also bolstered prices, analysts said.
In other energy futures trading on Nymex:
— Wholesale gasoline added 0.8 cent to $2.561 a gallon.
— Heating oil gained 0.8 cent to $2.88 a gallon.
— Natural gas advanced 1.2 cents to $3.571 per 1,000 cubic feet.