Oil prices mixed after Iran nuclear talks stall

11th November 2013, Comments 0 comments

Oil prices diverged on Monday after marathon talks in Geneva aimed at convincing major crude exporter Iran to halt its disputed nuclear programme ended without an agreement.

Traders also digested bright economic data out of China, which is the world's top energy consuming nation.

New York's main contract, West Texas Intermediate (WTI) for December delivery, fell 42 cents to $94.18 a barrel.

Brent North Sea crude for December grew 21 cents to $105.33 a barrel in London midday trade.

Diplomats on Sunday insisted they were closing in on agreement to curb Iran's nuclear programme despite the failure to clinch a long-sought deal.

The Islamic republic has been crippled by a series of UN and US 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.

Over the weekend, meanwhile, data showed that China's industrial output grew by 10.3 percent year-on-year in October.

Oil prices were supported at the end of last week by strong US job and growth figures exceeded forecasts and provided fresh evidence of a recovery in the world's biggest economy.

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© 2013 AFP

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