Oil prices fall as supplies rise and market awaits talks of result of Iran’s nuclear program

21-Nov-13

New York's main contract, West Texas Intermediate (WTI) for December delivery, slipped to US$92.9, while Brent North Sea crude for January dipped to US$108. Prices have fallen amid rising global supplies and as market awaits results of talks between major powers and Iran over Tehran's nuclear program. Saudi Arabia's comments that it would not make any sharp cuts to output for two months, as well as a report saying non-OPEC production would grow 1.7 mln bpd in 2014 have fuelled expectations of weaker prices. The market also awaits Wednesday's meeting in Geneva on Iran's disputed nuclear program after efforts to clinch a deal earlier this month failed. The United States, China, Russia, Britain, France and Germany -- known collectively as the P5+1 group -- will meet Iranian officials to find a way around the deadlock.