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RTRS:UPDATE 1-Brent rises towards $106 after Iran talks end without deal
 
* Iran nuclear talks end without deal
* Negotiations to resume on Nov. 20
* China's implied oil demand up 0.3 percent in October

(Adds Libya developments, updates prices)
By Jacob Gronholt-Pedersen
SINGAPORE, Nov 11 (Reuters) - Brent futures edged up towards
$106 a barrel in Asia on Monday after Iran and six world powers
failed to reach a deal on Tehran's nuclear programme, while data
showed a slight rise in implied fuel demand in China.
Even though international powers seemed on the verge of a
breakthrough with Iran, closely-watched talks in Geneva at the
weekend to ease international sanctions against Tehran in return
for restraints on its nuclear programme ended without a deal.
"This just shows that it's going to take a while for any
agreement to be reached," said Tony Nunan, an oil risk manager
at Mitsubishi Corp in Tokyo. "Unless we see any breakthrough in
talks, I don't expect a big impact on oil markets."
Brent was 40 cents higher at $105.52 per barrel at
0521 GMT. The contract hit a four-month low on Friday, and
despite rising to close the session up $1.66 per barrel, Brent
ended with its fourth straight week of losses.
U.S. crude was 12 cents higher at $94.72 per barrel,
after closing up 40 cents on Friday.
While U.S. lawmakers on Sunday aimed to tighten sanctions on
Iran, diplomats in Geneva said a deal was still possible.
Negotiators will resume lower-level talks on Nov. 20.

The sanctions have removed more than 1 million barrels per
day of oil from world markets, and any increase in supply from
Iran could push oil prices lower, analysts say.



CHINA FUEL DEMAND
A surprise increase in U.S. jobs data on Friday, which
strengthened the dollar as well as the possibility that U.S.
stimulus could be pared sooner, weighed on most commodities
including the domestic crude contract.
China's implied oil demand inched up 0.3 percent in October
from a year earlier, after dipping the previous month in the
first yearly decline in 17 months.
Fuel demand in China, the world's top net oil importer, was
about 9.79 million barrels per day last month, according to
Reuters calculations based on preliminary government data. That
compares to 9.76 million bpd a year ago and is up 1.9 percent
from 9.61 million bpd in September.
The improvement came as official data at the end of last
week suggested China's economy has found its footing after a
protracted slowdown, with factory activity growing faster than
expected and a rebound in exports also stronger than the market
had thought.
News that Saudi Arabia cut its crude output in October to
9.75 million barrels per day from 10.1 million in September also
helped support prices.
In Libya, tensions seemed to worsen after an autonomy
movement in the eastern part of the country said on Sunday it
had formed a regional oil firm to start selling crude after
seizing several ports.
The move deals a blow to efforts by Prime Minister Ali
Zeidan to reopen oil ports and fields seized by a mix of
militias, tribes and civil servants seeking political rights or
higher pay.
On Friday, protesters at the eastern port of Hariga
prevented a tanker from loading 600,000 barrels of oil headed
for Italy.
Kuwait's oil minister Mustapha al-Shamali said on Saturday
he expected OPEC to keep its crude oil output target unchanged
at its next meeting.
The Organization of Petroleum Exporting Countries (OPEC),
which pumps more than a third of the world's oil, will meet next
on Dec. 4 in Vienna to decide whether to adjust its output
target.
Source