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US crude ends higher as Iran nuke deal proves elusive

Monday, 11 Nov 2013 | 2:56 PM ET
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Brent crude oil prices rose on Monday, after Iran and six world powers failed to reach a deal on Tehran's nuclear program.

Marathon talks between the United States, Russia, China, Britain, Germany, France and Iran ended in Geneva on Saturday failing to produce an agreement on Iran's nuclear program. Sanctions against Iran have removed more than 1 million barrels per day (bpd) of oil from world markets, and any rise in Iranian supply could push oil prices lower, analysts say.

Traders also covered short positions ahead of the Brent contract expiry on Thursday. Money managers cut their net long position for the second week in a row, government data showed on Friday.

Benchmark U.S. crude for December delivery settled up 54 cents at $95.15 a barrel. Brent added more than $1 to trade over $106. The contract hit a four-month low on Friday and, despite rising to close the session up $1.66 per barrel, Brent ended with a fourth straight week of losses.

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