LONDON: World oil prices traded in mixed fashion Friday amid uncertainty about key talks on Iran’s controversial nuclear program and abundant supplies in the United States.
New York’s main contract, West Texas Intermediate (WTI) for delivery
in January, closed at $94.94 a barrel, a decline of 60 cents from Thursday’s close.
In London trade, Brent North Sea crude for January climbed 97 cents to settle at $111.05 a barrel.
Prices had already rallied on Thursday thanks to solid US economic data and the lack of a breakthrough at the international talks on Iran, traders said.
The price of WTI fell in a correction after Thursday’s $1.59 gain, said Tim Evans of Citi Futures.
The New York benchmark has been pressured by a nine-week run of increases in crude inventories. In that context, any rebound in WTI is seen as a selling opportunity to book profits, said John Kilduff of Again Capital.
Brent’s gain came as market participants awaited on the outcome to Geneva negotiations on the Iranian nuclear program, which if successful could see a sharp increase in Iranian crude on the global market.
On Friday, Iranian negotiators said that progress was being made in talks with world powers, expressing hope to bridge differences and sign a deal that would reduce tough economic sanctions on the country.