Oil markets

Brent November crude climbed $1.18 to settle at $115.80 a barrel, aided by support from North Sea production delays, as it was revealed that it will take more time to restart Nexen‘s Buzzard field following a maintenance programme.

Oil markets were also under pressure because of scepticism about an offer from Iran to negotiate the halting of higher grade uranium enrichment if given fuel for a research reactor.

The move may revive the possibility of restarting stalled nuclear talks with Western nations.

However the European Union agreed to levy more sanctions against Iran’s banking, shipping and industrial sectors.

US November crude fell by one percent but settled at $91.85 a barrel, while gasoline dropped 4.25 cents to settle at $2.8503 a gallon and heating oil slipped 1.48 cents to hit $3.2091 a gallon.

Image: Brent crude slips $1.18 to settle at $115.80 a barrel. Photo courtesy of Lars Christopher Nøttaasen.