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
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
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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