BLBG: Oil Pares Gains in New York as Iran Comments on Sanctions
Oil declined from a one-week high in New York after Iran said it's considering a Russian plan to halt the expansion of its nuclear program.
The Islamic Republic, facing a European Union ban on imports of its crude from July, will study a Russian proposal made last week, Ambassador Mahmoud-Reza Sajjadi said in an interview at the Iranian embassy in Moscow today.
“A delay of the import ban is likely following the beginning of talks with Iran,” said Eugen Weinberg, head of commodities research at Commerzbank AG in Frankfurt, who last month correctly predicted prices had peaked in the short-term. “We may see more easing of the supply situation following it.”
Crude for June delivery fell as much as 24 cents, or 0.2 percent to $103.31 a barrel on the New York Mercantile Exchange, trading for $103.72 at 9:04 a.m. local time. Prices rose as much as 94 cents earlier to $104.49 a barrel.
To contact the reporter on this story: Grant Smith in London at gsmith52@bloomberg.net
To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net
