World crude oil prices eased Monday as traders took profits after IAEA...
World crude oil prices eased Monday as traders took profits after IAEA agreed to report Iran's nuclear program to the Security Council.
US light sweet crude for delivery in March, which had been higher for much of the day, closed down 26 cents at $65.11 per barrel.
In London, the price of Brent North Sea crude for March delivery dipped six cents to close at $63.33 per barrel.
The International Atomic Energy Agency (IAEA) has reached a decision Saturday to report Iran' nuclear program to the Security Council, which has the power to impose economic and political sanctions.. Iran's top nuclear negotiator Ali Larijani said IAEA had been officially told its inspectors would no longer be allowed to conduct short-notice, wide-reaching inspection trips and that uranium enrichment work would resume. The market focus has now shifted to mediation efforts by China and Russia.
Iran announced to relaunch nuclear research on Jan. 10, igniting tension between the West and this second biggest oil producer within the OPEC
