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Oil slips, but stays higher for the week

Benchmark U.S. crude for January delivery fell 60 cents to close at $94.84 in trading on the New York Mercantile Exchange.

The Associated Press

11/22/2013

NEW YORK — The price of oil slipped to just under $95 Friday but still finished the week with a gain of $1 a barrel.

Benchmark U.S. crude for January delivery fell 60 cents to close at $94.84 in trading on the New York Mercantile Exchange. The weekly increase from $93.84 a week ago was largely due to an improving U.S. jobs picture, which would mean more drivers making the daily commute.

Brent crude, an international benchmark used to price oil used in many U.S. refineries, rose 97 cents to $111.05 in London. Brent has risen 4 percent since Tuesday as nuclear talks with Iran have dragged on without a deal that could relieve sanctions that have kept a substantial amount of Iranian crude from world markets.

In Geneva, negotiators are trying to reach an agreement that would limit Tehran's atomic program. In exchange, the U.S., Britain, France, Russia, China and Germany are offering a gradual easing of sanctions that has prevented Iran from selling as much oil as it wants. A senior U.S. official has told reporters that Iran is losing $5 billion a month in oil sales.

In other energy futures trading on Nymex:

— Wholesale gasoline slipped 2 cents to $2.73 a gallon.

— Heating oil rose added 3 cents to $3.04 a gallon.

— Natural gas rose 7 cents to $3.77 per 1,000 cubic feet.

Pablo Gorondi in Budapest contributed to this report.


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