Crude Oil Plunged on Iran, Russia Uranium JV

World oil prices fell sharply to $61 a barrel Monday as Iran agreed with Russia to establish a joint uranium enrichment venture.

New York's main contract, light sweet crude for delivery in April, dropped $1.91 to close at $61.00 per barrel.

In London, the price of Brent North Sea crude for April delivery slid 1.61 dollars to 60.99 dollars per barrel.

Iran said on Sunday it had agreed in principle with Russia on setting up a uranium enrichment joint venture and negotiations on the issue would continue. It eased trader's worry about the possibilities that Iran's oil exports would halt if the United Nations imposes Teheran an international sanction for its nuclear activities.