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Wednesday, June 19 2013
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Oil prices mixed after Iran nuclear talks

AFP

LONDON

OIL prices were mixed on Monday after weekend talks between Iran and world powers regarding the Islamic republic’s nuclear programme eased concerns over crude supplies according to analysts.

Brent North Sea crude for delivery in June slid $1.53 to stand at $119.68 in London afternoon deals.

“Oil has slipped after ‘constructive’ talks between Iran and six of the world’s biggest economic superpowers,” said IG Markets analysts Justin Harper.

“This has helped take some of the ‘war premium’ out of energy prices.” New York’s main contract, West Texas Intermediate crude for May, rose 53 cents to $103.36 a barrel in the wake of robust US sales data, traders said.

Saturday’s nuclear talks between officials from Iran and diplomats from the so-called P5+1 group comprising the United States, Russia, China, Britain, France and Germany have largely been described as “positive” by both sides.

“The weekend discussions between the P5+1 group and Iran suggest that Iran is being constructive enough to avoid any US/Israeli rush to judgement,” said PVM brokers analyst David Hufton.

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