Crude gains as Iran nuclear disarmament talks hit snag

A A A - " Oil prices edged higher on Monday after talks among Western, Russian and Chinese diplomats with Iranian delegates ended without a deal on closing Tehran's nuclear program.

Trade sanctions slapped on Iran due to its alleged nuclear ambitions have taken out more than 1 million barrels per day of oil from the global market.

On the New York Mercantile Exchange, light sweet crude futures for delivery in December traded at USD95.01 a barrel during U.S. trading, up 0.42%.

The commodity hit a session low of USD94.12 and a high of USD95.38. The December contract settled up 0.42% at USD94.60 a barrel on Friday.

Oil futures were likely to find support at USD93.11 a barrel, Tuesday's low, and resistance at USD95.40 a barrel, Wednesday's high.

In Geneva over the weekend, talks among the U.S., Russia, China, Britain, Germany, France and Iran failed to result in an agreement over ways to dismantle Tehran's nuclear program.

A deal would have resumed the flow of Iranian crude into global markets and lowered prices, and the hurdle to a deal allowed for gains on Monday.

Elsewhere, oil prices enjoyed added support after weekend data revealing that Chinese industrial output rose more than expected in October, while consumer price inflation inched up modestly.

Industrial production rose 10.3% last month, beating expectations for a 10.0% increase, while the country's consumer price index inched up to 3.2% from 3.1% in September.

China is the world's second largest oil consumer after the U.S. and has been the engine of strengthening demand.

Meanwhile on the ICE Futures Exchange, Brent oil futures for December delivery were up 0.68% at USD105.75 a barrel, up USD10.74 from its U.S. counterpart. offers an extensive set of professional tools for the financial markets.
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