Oil tops $95 as Iran talks stall
NEW YORK (AP) — The price of oil rose above $95 a barrel Monday after negotiations in Geneva to curb Iran’s nuclear program were stalled.
Benchmark U.S. crude for December delivery rose 54 cents to $95.14 a barrel on the New York Mercantile Exchange. Brent crude, the international benchmark, gained $1.28 to $106.40 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.
The U.S.-led negotiations, however, failed to yield a deal over the weekend. This eased concerns of an influx of Iranian oil into world markets at a time of already abundant supplies.
In other energy futures trading on Nymex:
— Wholesale gasoline added 4 cents to $2.60 a gallon.
— Heating oil gained 2 cents to $2.89 a gallon.
— Natural gas advanced 2 cents to $3.57 per 1,000 cubic feet.
Pablo Gorondi in Budapest contributed to this report.