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Oil fell for a second day after the first international talks in 15 months on Iran’s nuclear program yielded an agreement for the parties to reconvene.
Crude dropped as much as 1 percent after April 14 negotiations in Istanbul were called “constructive” by both Catherine Ashton, the European Union’s foreign policy chief, and Iran’s lead negotiator, Saeed Jalili.
The United Nations’ five permanent Security Council members plus Germany will meet Iranian delegates in Baghdad on May 23, Ashton said yesterday. The Istanbul talks lasted 10 hours.
Israeli Prime Minister Benjamin Netanyahu criticized the outcome as giving Iran more time to continue enriching uranium, the process capable of producing fuel for a nuclear bomb.
Crude for May delivery fell to $101.80 a barrel on the New York Mercantile Exchange. Prices are up 3.5 percent this year.
Brent oil for June settlement dropped $2.27, or 1.9 percent, to $118.94 a barrel on the ICE Futures Europe exchange.
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