Oil futures advanced on Monday as talks between Iran and Western leaders over Iran's nuclear ambitions stalled over the weekend.
US Secretary of State John Kerry said a nuclear deal between world powers and Iran came extremely close to a breakthrough however three days of negotiations in Geneva failed to achieve an agreement that could ease sanctions on Iran's crude exports.
The Energy Information Administration said sanctions on Iran reduced the nation's average oil exports to 1.5m barrels a day in 2012 from 2.5m barrels the year earlier.
Sanctions on Iranian crude exports will remain in place but fresh talks are expected to take place later this month.
Brent crude recovered from Monday's four-month low, tracking crude's advance, rising $1.25 to $106.37 a barrel on the ICE futures exchange.
Source: LiveCharts
US Secretary of State John Kerry said a nuclear deal between world powers and Iran came extremely close to a breakthrough however three days of negotiations in Geneva failed to achieve an agreement that could ease sanctions on Iran's crude exports.
The Energy Information Administration said sanctions on Iran reduced the nation's average oil exports to 1.5m barrels a day in 2012 from 2.5m barrels the year earlier.
Sanctions on Iranian crude exports will remain in place but fresh talks are expected to take place later this month.
Brent crude recovered from Monday's four-month low, tracking crude's advance, rising $1.25 to $106.37 a barrel on the ICE futures exchange.
Source: LiveCharts
