Oil Drops on Iran's Agreement to Allow Nuclear Inspectors - report


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Crude slipped as Iran agreed to let Western nuclear inspectors into the country, easing concern that the conflict over its atomic energy program would disrupt Mideast supplies, Bloomberg reported.

Prices fell 1% after Yukiya Amano, secretary-general of the International Atomic Energy Agency, announced the accord with Iran today in Vienna.

Meanwile, the Organization for Economic Cooperation and Development said Europe's debt crisis risks spiraling and seriously damaging the world economy.

Oil for June delivery slid 91 cents to settle at US$91.66 a barrel on the New York Mercantile Exchange. The contract expired at the close of floor trading today. The more actively traded July contract fell $1.01, or 1.1%, to US$91.85. Front-month futures are down 7.3% this year. Prices have fallen for 14 of the past 17 days.

Brent oil for July settlement declined 53 cents to US$108.28 a barrel on the London-based ICE Futures Europe exchange.

The agreement between Iran and the IAEA will be signed "quite soon," Amano reportedly told journalists in Vienna after returning from Tehran, where the deal was reached yesterday.

International negotiators are set to head to Baghdad tomorrow for a second round of talks over Iran's nuclear program. The first discussions in 15 months between the U.S., the U.K., France, China, Russia, Germany and Iran were held April 14 in Istanbul.

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