Oil hangs at $94 a barrel
The price of oil remained near $94 a barrel Friday as markets digested a possible loosening of sanctions against Iran and hopeful U.S. employment data.
By early afternoon in Europe, benchmark crude for December delivery was up 6 cents at $94.26 a barrel on the New York Mercantile Exchange. The contract fell 60 cents on Thursday.
Negotiations in Geneva between major world powers and Iran on the Islamic Republic's nuclear program were seen as heading toward a deal. U.S.-led sanctions have crippled Iran's oil exports and their resumption would come at a time of already abundant supplies.
Meanwhile, the Labor Department said U.S. employers added 204,000 jobs in October, a surprisingly high figure considering the federal government was partially shut for 16 days last month. At the same time, unemployment rose to 7.3 percent from 7.2 percent in September, likely because furloughed workers were counted as unemployed.