Oil prices in the Asian market rose to near 130 U.S. dollars on Monday after weekend talks in Geneva made little progress on Iran's nuclear crisis, according to media reports.
Midday in Singapore, light, sweet crude for August delivery was up 70 cents at 129.58 dollars a barrel in electronic trading on the New York Mercantile Exchange. The price increase Monday came after crude fell more than 17 dollars a barrel from a record high of 147.27 dollars on July 11.
"The talks didn't resolve the problem of Iran's nuclear program, and that has been a factor in prices ticking higher today," said David Moore, a commodity strategist with Commonwealth Bank of Australia in Sydney. "Part of the reason prices had fallen recently was on the expectation a deal could be made there."
Prices also rose on concerns that Tropical Storm Dolly may disrupt oil operations in the Gulf of Mexico, he added.
Source:Xinhua/Agencies
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