Iran Economy NewsOil prices rise after Iran nuclear talks stall

Oil prices rise after Iran nuclear talks stall

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AFP: Oil prices rose on Monday after marathon talks in Geneva aimed at convincing Iran to curb its disputed nuclear program ended without an agreement.
New York City (AFP) — Oil prices rose on Monday after marathon talks in Geneva aimed at convincing Iran to curb its disputed nuclear program ended without an agreement.

Nevertheless, negotiators said they drew closer to a long-elusive deal, which could ease sanctions on Tehran and bring the major oil producer back into the global market.

Weekend economic data from China was also bullish for the market, showing the economy of the huge oil importer is still growing steadily with no particular signs of weakness.

New York traded for only a half-day to mark the Veterans Day holiday, with the main contract, West Texas Intermediate (WTI) for December delivery, gaining 54 cents to close at $95.14 a barrel.

In London trade, Brent North Sea crude for December climbed $1.28 cents to $106.40 a barrel.

After years of stalemate, nuclear talks between world powers and Tehran were tantalizingly close to a breakthrough which could bring Iranian oil back onto the market, potentially pushing prices lower.

The two sides failed to close a deal at the weekend, but the marathon talks saw the top US and Iranian diplomats meet for seven hours, a duration unprecedented for decades after the 1979 Iranian revolution.

The 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.

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