Oil prices fall after Iran responds to incentives

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.