Oil Up Slightly As Libya, Fed Support; Iran Weighs
NEW YORK, Nov 15 (Reuters) - Oil rose slightly on Friday in choppy trade as markets weighed Libyan supply outages and supportive comments from the Fed chair nominee against reports that a deal with Iran may be near on its nuclear program.
Both Brent and U.S. oil prices fell earlier on the reports that a senior U.S. official said a deal with Iran on its nuclear program was "quite possible" next week when world powers meet in Geneva.
Sanctions against Iran because of its nuclear program have kept some 1 million barrels of oil off the global market. Any agreement among nations could mean sanctions will be lifted, increasing market supply and depressing prices.
Brent crude for January delivery, in its first day as the new front-month, ended 22 cents higher at $108.50 a barrel, after trading as high as $108.65.
The contract ended with a 3.2 percent rise on the week, the biggest weekly gain since July 5, as supply outages in Libya and comments from President Barack Obama's nominee to lead the Fed supported prices.
U.S. crude ended up 9 cents at $93.84 a barrel after trading up to $94.55. It ended with its sixth straight week of losses as supplies remain high. The December U.S. crude oil futures contract expires at the end of trading on Wednesday.
Traders closing out options positions ahead of the contract expiry contributed to the swings in trading on Friday, said Rich Ilczyszyn, chief market strategist at iitrader.com in Chicago.
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