Oil Falls on Iran News

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Oil prices fell Tuesday after Iran’s top nuclear negotiator cited “positive steps” in a package of incentives offered to it by world powers to curb its nuclear program.


The mood on energy markets has see-sawed in recent weeks with each diplomatic development between Iran, the United Nations and the United States over Tehran’s nuclear ambitions. The main fear is that Iran could disrupt oil supplies if provoked by sanctions or some other punishment.


After dropping as low as $71.35, light sweet crude for July delivery on the New York Mercantile Exchange settled 10 cents lower at $72.50 a barrel. July Brent crude on London’s ICE Futures exchange fell 56 cents to settle $70.81 per barrel.






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