CRUDE OIL DECLINES AS TENSIONS OVER IRAN’S NUCLEAR PROGRAM EASE
DATE: 16/04/2012
Crude oil prices declined over a half a percent in Asia trades on Monday and furthered its declining streak as concerns over supply disruptions from Iran waned to some extent after Iran and six world powers agreed over holding another round of detailed negotiations to end the impasse over Tehran's nuclear program. The fuel prices also got pressured on the back of appreciation in US dollar against a basket of currencies to its highest in about ten days as concerns grew that Europe's debt crisis is deepening after bond yields in Spain and Italy rose.
Benchmark crude for May delivery declined $0.61 or 0.6% to $102.22 a barrel on the New York Mercantile Exchange. In London, May delivery Brent crude plunged $1.13 or 1% to $120.08 a barrel on the ICE.
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