NYMEX-Crude ends up on Iran worry, firm gasoline

 NEW YORK - U.S. crude futures closed
higher in a late run-up on Thursday on worries about talks
between Iran and the West over its nuclear program and as
follow-through buying spurred by improved demand lifted
gasoline futures.

 Crude futures were down for much of the day as
weaker-than-expected manufacturing data and a strengthening
dollar made investors cautious about commodities.

 Brimming U.S. crude and distillate inventories, higher OPEC
production in September and a forecast that the group's
seaborne oil exports will rise in the first half of October
helped limit the day's gains.

 U.S. President Barack Obama said on Thursday Iran heard a
unified message from the international community at talks in
Geneva, and Tehran must now take steps to ensure its nuclear
program is not for weapons. [ID:nN25520296]

 "It seems that crude futures prices rose in a delayed reaction to events regarding the Iran nuclear program
negotiations with the West. Traders think the possibility of
the negotiations going poorly should be factored into prices,"
said Peter Beutel, president of trading consultants Cameron
Hanover in New Canaan, Connecticut.

 At the same time, Beutel said traders were also encouraged
by EIA data released on Wednesday that showed an increase in
total products supplied.

 "Gasoline demand was up in the latest week with the EIA
reporting a drawdown and that has encouraged follow-through
buying," Beutel added.

 The dollar rose against the euro and a basket of currencies
on Thursday as disappointing jobs and manufacturing data fueled
worries about a global economic recovery and boosted the
greenback's safe-haven appeal. [USD/]

 U.S. stocks fell as the jobs and manufacturing data added
to recent lackluster economic figures, fueling fears about the
recovery's strength. [.N] Link...