Oil prices fell for a second day in New York after Iran’s repeated offers to suspend the production of medium-enriched uranium domestically before European leaders meet to tighten sanctions against the Persian Gulf nation.
Oil futures contract fell 0.9%. Iran is ready to talk about its nuclear program in exchange for guarantees to get stock of 20% enriched uranium for the Tehran Research Reactor, according to Ramin Mehmanparast, a spokesman for the Foreign Ministry, as reported by Press TV yesterday. The European Union reached a preliminary agreement to increase sanctions to increase pressure on Iran to reduce its nuclear program, according to an EU diplomat who know it.
Crude oil for November delivery fell 79 cents to $ 91.07 a barrel on the New York Mercantile Exchange of $ 91.19. On 12 October, the contract fell $ 91.86. Throughout this year the price contract has shrunk 7.7%. November Brent oil contract fell 62 cents to $ 114 per barrel in London. The European benchmark contract versus $ 22.81 to West Texas.