US oil ends over $94, with all eyes on Iran talks

US oil ends over $94, with all eyes on Iran talks

Published: Friday, 8 Nov 2013 | 2:39 PM ET

Eric Kounce | Wikipedia

Crude rose on Friday, as traders kept close watch over a meeting between Western powers and Iran over its nuclear program and covered short bets into the weekend.

U.S. oil prices bounced higher and lower as the market tried to find its footing with some traders taking solid U.S. jobs growth reported earlier in the day to mean that the U.S. Federal Reserve would pull back on its quantitative easing program earlier than expected.

Oil also received support from civil unrest in Libya, where some of the worst fighting in months broke out in Tripoli on Thursday. Libyan protesters prevented a tanker from loading oil at the eastern Hariga port on Friday.

Brent crude rose by nearly $ 2 to climb above $ 105 a barrel, after losing $ 1.78 in the prior session. U.S. oil settled up 40 at $ 94.60 a barrel, after dropping 60 cents in the previous session.

Six western nations and Iran were expected to iron out an agreement during a meeting in Geneva that could ease sanctions against Iran, which have removed more than 1 million barrels per day (bpd) of oil from world markets. Any increase in supply from the Islamic Republic could hit prices hard.

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Crude rose but remained within view of its lowest since early July, as Western powers stepped up efforts to reach a deal with Iran over its nuclear program.

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