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Publish date12 Nov 2013 - 9:46
Story Code : 145397

Brent oil price rises over $1 after nuclear talks

Brent crude oil price rose over one dollar per barrel after Iran and the six world powers failed to reach an agreement over the issues regarding Tehran’s nuclear energy program.
Brent price rose to USD 106.18 on November 11, 2013.
Brent price rose to USD 106.18 on November 11, 2013.
Brent price rose USD 1.06 a barrel reaching USD 106.18 on Monday after touching a high of $106.40.

Market analysts say any increase in Iranian oil supply can decrease crude prices, as the sanctions against Tehran have removed over one million barrels per day (bpd) of oil from the global markets.

Intensive nuclear talks between Iran and the six world powers began in Geneva, Switzerland, on Thursday and ended on Sunday.

Iran and the six powers could not reach a deal over Tehran’s nuclear energy program in the three-day talks in Geneva, but the two sides stressed significant progress had been made and expressed optimism about the prospect of achieving a deal.

Tehran and the five permanent members of the UN Security Council plus Germany will continue their nuclear negotiations in Geneva on November 20.

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