WTI Set for First Weekly Gain in Seven; Iran Deal Falters
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West Texas Intermediate crude headed for the first weekly advance in almost two months as applications for unemployment benefits in the U.S. fell and negotiators made little progress in talks with Iran in Geneva.
Futures were stable in New York after the January contract rallied 1.7 percent yesterday. Jobless claims fell last week to the fewest since Sept. 28, according to Labor Department data. Iran reached no agreement on the first step of a global accord to resolve a decade-long dispute over its nuclear program. WTI may drop next week as U.S. crude stockpiles increase, a Bloomberg News survey showed.