BUSINESS

Crude oil price rises above US$95 a barrel after Iran nuclear talks stall

11/11/2013 04:18 EST | Updated 01/23/2014 06:56 EST
NEW YORK, N.Y. - The price of oil rose above US$95 a barrel Monday after negotiations in Geneva to curb Iran's nuclear program appeared stalled.

Meanwhile, U.S. pump prices are the lowest they've been since February 2011.

Benchmark U.S. crude for December delivery rose 54 cents to US$95.14 a barrel on the New York Mercantile Exchange. Brent crude, the international benchmark, gained $1.28 to US$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 on world markets at a time of already abundant supplies.

In other energy futures trading on Nymex, wholesale gasoline added four cents to US$2.60 a U.S. gallon (3.79 litres), heating oil gained two cents to US$2.89 a gallon and natural gas advanced two cents to US$3.57 per 1,000 cubic feet.

(TSX:ECA), (TSX:IMO), (TSX:SU), (TSX:HSE), (NYSE:BP), (NYSE:COP), (NYSE:XOM), (NYSE:CVX), (TSX:CNQ), (TSX:TLM), (TSX:COS), (TSX:CVE)