USA has signaled a willingness to hold joint direct talks with Iran on its nuclear program if Iran first agrees to stop disputed nuclear activities that the West fears could lead to a bomb, and expectations that OPEC at it's meet on Thursday would keep its output steady. These positive signals caused oil prices to dip by almost one dollar. Light sweet crude for July delivery fell to US$71.29 a barrel on the New York Mercantile Exchange. In London, Brent crude stood at US$70.41 a barrel on the ICE Futures market.
01-Jun-06 
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