Crude oil fell to the lowest in
almost two months after Iran, the Organization of Petroleum Exporting Countries (OPEC)second-biggest oil producer,
said it would stop enriching uranium to ward off U.S. calls for
sanctions, Bloomberg news reports.
Iran told the United Nations that it agreed to a European
Union proposal to voluntarily stop uranium enrichment starting
Nov. 22. The U.S. advised the UN Security Council to
impose global sanctions on Iran. U.S. imports increased
last month as OPEC
pumped oil at the highest rate in 25 years, the report said.
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“The moves in the Middle East can’t help but reduce the
security premium that has inflated oil prices,” said Carl Larry,
an associate director of energy futures at Barclays Capital Inc.
in New York. “The Iranian announcement is a big step toward the
reduction of tensions in the region.”
Crude oil for December delivery fell 45 cents, or 1 percent,
to $46.87 a barrel on the New York Mercantile Exchange, the
lowest close since Sept. 20. Oil has declined 16 percent since
reaching $55.67 on Oct. 25, the highest since futures began
trading in 1983. Futures are up 45 percent from last year, Bloomberg reports.
Bloomberg News
