World oil prices fell below US$70 as markets predict there would be no rush to impose economic sanctions on Iran, the world's fourth biggest producer of crude. No action has been taken against Iran, feared to be punished with sanctions after it ignored a UN deadline to halt its sensitive nuclear energy program.
New York's main contract, light sweet crude for delivery in October, fell to US$69.80 per barrel in pit trading. In London, Brent North Sea crude for October delivery slid to US$69.72 per barrel in electronic trade.
04-Sep-06 
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