Brent edges down toward $ 108; Iran talks in focus

Tuesday, 19 November 2013 00:01 - - {{hitsCtrl.values.hits}}

REUTERS: Brent crude slipped toward $ 108 a barrel on Monday as traders focused on a resumption of talks between Iran and major powers that may lead to a rise in oil supply. But internal strife in Libya and expectations of US stimulus measures continuing for longer supported prices. Investors were also assessing how energy reforms pledged by China late last week will impact oil and gas demand in the world’s largest net oil importer. Brent rose 3.2% last week after France blocked a deal with Iran. A speech by Janet Yellen, the next Chairman of the US Federal Reserve, had also put fears of tapering at ease, supporting global equity and commodity markets. January Brent crude edged down 23 cents to $ 108.27 a barrel by 0319 GMT while US crude for December delivery was at $ 93.59, down 25 cents. “The Middle East risk premium has wound back quite a bit probably because there is less potential for major supply declines with constructive news from Iran,” said CMC Markets Chief Analyst Ric Spooner in Sydney. Major world powers and Iran will engage in another round of “tough” talks in Geneva on 20-22 November. Sanctions against Iran because of its nuclear program have kept some 1 million barrels of oil per day off the global market. Any agreement among nations could mean sanctions will be lifted, increasing market supply and depressing prices.

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