Crude oil traded below $144 a barrel in New York on concern that a standoff over Iran's nuclear program may lead to a military conflict...
Crude oil traded below $144 a barrel in New York on concern that a standoff over Iran's nuclear program may lead to a military conflict, disrupting supplies from the Middle East.
Iran signaled it will maintain its uranium enrichment, giving a negative response to the international community's offer a day after positive talks with the European Union, the Financial Times reported on its Web site today. Oil reached a record $145.85 on July 3 on speculation any attack on Iran may disrupt exports from OPEC's second-biggest producer.
Crude oil for August delivery traded at $143.74 a barrel on the New York Mercantile Exchange at 12:51 p.m. in Singapore. It fell as much as $1.66 to $143.63 a barrel earlier today.
On July 4, the contract dropped as low as $1.59 to $143.70 a barrel in electronic trading. Contracts from July 4 will be settled under today's trades because of the U.S. Independence Day holiday.
Oil's 50 percent gain this year is causing consumer prices to surge and crimping profits for airlines as costs rise. Korean Air Lines Co., South Korea's largest carrier, said today it will report a loss for the second quarter because of a surge in jet fuel prices.
