Oil
declined for a second day before a deadline for a nuclear agreement
between Iran and world powers that may allow the OPEC producer to
increase crude exports.
Futures
slid as much as 0.8 percent in London. Iranian lawmakers approved the
outlines of a bill that would ban inspections of military sites and
require the lifting of all international sanctions under any deal,
state-run Mehr news agency reported. Diplomats from the Middle East
nation, the U.S., U.K., France, Germany, Russia and China are converging
on Vienna in an attempt to reach a final agreement by June 30.
Brent
for August settlement fell as much as 51 cents to $62.51 a barrel on
the London-based ICE Futures Europe exchange, and was at $62.64 at 9:50
a.m. Sydney time. The contract decreased 1.9 percent on Friday to close
at $63.02. The European benchmark crude was at a premium of $3.02 to
West Texas Intermediate, the U.S. marker, for the same month.
WTI
for July delivery, which expires Monday, fell as much as 37 cents, or
0.6 percent, to $59.24 a barrel. The more-active August contract dropped
43 cents to $59.54. The volume of all futures traded was about 56
percent below the 100-day average. Front-month prices are up about 11
percent this year.
Source: Bloomberg
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