Oil prices slip ahead of Iran nuclear talks

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Associated Press

Posted on November 18, 2013 at 9:00 PM

NEW YORK (AP) — Oil prices fell ahead of the resumption of negotiations in Geneva meant to curb Iran's nuclear program.

Benchmark U.S. crude for December delivery fell 81 cents, or 0.9 percent, to $93.03 a barrel on the New York Mercantile Exchange. Wholesale gasoline was flat at $2.66 per gallon, while natural gas dropped 4 cents, or 1.2 percent, to $3.62 per 1,000 cubic feet and heating oil was down 2 cents, or 0.6 percent, to $2.92 a gallon.

Iran will resume talks this week in Geneva with six world powers to try to resolve a decade-long standoff over Iran's nuclear program. The U.S., Britain, France, Russia, China and Germany are offering to gradually roll back of sanctions on Iran. That has raised concerns that Iranian oil could flood world markets, which already have abundant supplies.

In metals trading, December gold fell $15.10, or 1.2 percent, to $1,272.30 an ounce. Silver dropped 37 cents, or 1.8 percent, to $20.3570 an ounce. Copper fell 2.15 cents, or 0.7 percent, to $3.1495 an ounce. January platinum fell $27.90, or 1.9 percent, to $1,411. December palladium fell $15.90, or 2.2 percent, to $716.75.

In agricultural futures, corn fell 10 cents, or 2.4 percent, to $4.12 a bushel. Wheat fell 2.25 cents, or 0.3 percent, to $6.4225 a bushel. Soybeans rose 7 cents, or 0.5 percent, to $12.875 a bushel.

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