Oil Prices Slide, Settle at $71 a Barrel
il prices declined Wednesday after the U.S. signaled a willingness to hold joint direct talks with Iran on its nuclear program if certain conditions were met.
There was also an expectation in the market that the Organization of Petroleum Exporting Countries, which meets Thursday in Venezuela, would keep its output steady.
Light sweet crude for July delivery fell 74 cents to settle at $71.29 a barrel on the New York Mercantile Exchange. In London, Brent crude slid 64 cents to settle at $70.41 a barrel on the ICE Futures market.
In holding out the possibility of direct negotiations with Iran, Secretary of State Condoleezza Rice said Iran first must agree to stop disputed nuclear activities that the West fears could lead to a bomb.
story continued
There was also an expectation in the market that the Organization of Petroleum Exporting Countries, which meets Thursday in Venezuela, would keep its output steady.
Light sweet crude for July delivery fell 74 cents to settle at $71.29 a barrel on the New York Mercantile Exchange. In London, Brent crude slid 64 cents to settle at $70.41 a barrel on the ICE Futures market.
In holding out the possibility of direct negotiations with Iran, Secretary of State Condoleezza Rice said Iran first must agree to stop disputed nuclear activities that the West fears could lead to a bomb.
story continued
posted by anthony m, at Wednesday, May 31, 2006
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