Oil Prices Plummet to 61 Dollars As Iran Nuclear Crisis Eases
Posted on: Tuesday, 28 February 2006, 18:00 CST
Oil prices plummet to 61 dollars as Iran nuclear crisis eases NEW YORK, Feb. 27 (Xinhua) -- World oil prices fell sharply to 61 dollars 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 dollars to close at 61.00 dollars per barrel.
In London, the price of Brent North Sea crude for April delivery slid 1.61 dollars to 60.99 dollars per barrel.
On the New York Mercantile Exchange,the heating oil dipped 4. 41 cents to close at 1.6826 dollars a gallon as gasoline futures slid by 2.56 cents at 1.525 dollars per gallon. Natural gas futures declined 52.4 cents to finish at 6.789 dollars per 1,000 cubic feet.
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. "Some issues are yet to be coordinated. I took with satisfaction the words of Iranian Vice President Gholamreza Aghazadeh that Iran is ready to establish the joint venture in principle," said Russia 's nuclear chief Kiriyenko Monday. Two cars with suicide bombers exploded at the gates of Saudi Arabia's huge Abqaiq oil facility on Friday. The target of the attack, the Abqaiq oil complex in eastern Saudi Arabia, processes about two- thirds of the country's oil before it is exported. Saudi oil minister Naimi said a small fire was quickly brought under control after the incident. Saudi Arabia is the world's largest oil producer.
In Nigeria, the recent attacks has forced Shell to halt the flow of about 455,000 barrels a day - about one-fifth of the country's daily output,or less than 1 percent of total global demand. Nigeria is Africa's leading oil producer and the fifth- biggest source of U.S. oil imports.
Source: Xinhua News Agency - CEIS
Related Articles
- Crude oil prices top $66 per barrel
- Crude oil climbs above $71 per barrel
- Crude oil prices approach $60 per barrel
- Crude Oil Closes Above $123 Per Barrel
- Iran's Foreign Minister Optimistic About Russia's Nuclear Proposal
- Chinese Oil Company Acquires 45 Per Cent Stake in Oil Exploration in Nigeria
- Norwegian Firm Says Will Boost Recovery Rates in Iran Oilfields By 28 Per Cent
- Chinese Oil Corporation Report 10 Per Cent Profit Growth
- Chinese Oil Company CNOOC's Net Profit Surges 68.6 Per Cent
- Iran's Gas Distribution Capacity to Increase 400 Per Cent: Oil Minister
 |
 |
User Comments (0)
RSS Feeds