Oil prices fall after Iran responds to incentives

By
June 7, 2006 11:09

 
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Oil prices fell Wednesday on signs that Iran was responding somewhat positively to a package of incentives by world powers hoping to curb its nuclear program. But uncertainty over the outlook will keep a floor under oil prices, analysts said. A researcher at Standard & Poor's in Singapore estimated that prices still included a risk premium of about US$15 per barrel. Light sweet crude for July delivery fell 39 cents to US$72.11 a barrel in Asian electronic trading on the New York Mercantile Exchange, mid-afternoon in Singapore.

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