Oil prices rise after Iran nuke talks in Geneva hit block

PanARMENIAN.Net - Oil prices rose Monday, Nov 11, after negotiations in Geneva to curb Iran's nuclear program were stalled, the Associated Press reported.

Benchmark U.S. crude for December delivery was up 15 cents to $94.75 a barrel at midafternoon Kuala Lumpur time in electronic trading on the New York Mercantile Exchange. Brent crude, the international benchmark, rose 28 cents to $105.40 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, including a cap on enrichment to a level that can be turned quickly to weapons use.

The U.S.-led negotiations, however, failed to strike a deal over the weekend. This eased concerns of an influx of Iranian oil into world markets at a time of already abundant supplies.

Unexpectedly strong economic growth and employment data in the U.S. also bolstered prices, analysts said.