Oil fell for a second day in New York after Iran
reiterated an offer to suspend domestic production of medium-enriched uranium
before European officials meet to discuss tighter sanctions on the Persian Gulf
country.
Futures slid as much as 1.1 percent
to the lowest level in almost a week. Iran is ready to enter talks about its nuclear
program in exchange for guaranteed supplies of 20 percent-enriched
uranium for its Tehran Research Reactor, said Ramin Mehmanparast, a Foreign Ministry spokesman, according to a
Press TV report on 14 October. The European Union has reached a preliminary
agreement to intensify sanctions to increase pressure on OPEC’s third-largest
oil exporter to curb its nuclear program, EU diplomats with knowledge of the
matter said.
Crude for November delivery fell as much as $1.04
to $90.82 a barrel in electronic trading on the New York Mercantile Exchange
and was at $91.11. The contract declined 0.2 percent
on Oct. 12 to $91.86. Prices are down 7.8 percent
this year.
Brent oil for November settlement on the
London-based ICE Futures Europe exchange lost as much as 77 cents, or 0.7 percent, to $113.85 a barrel. The more actively traded
December future was down 56 cents at $113.05. The European benchmark was at a
$22.94 premium to New York-traded West Texas Intermediate grade, up from $22.76
on Oct. 12.
Shipments have been “stable” in recent months, said
Mohammad Ali Khatibi, Iran’s governor to the
Organization of Petroleum Exporting Countries, according to the Tehran-based Donya-e-Eqtesad newspaper on 14
October. He denied that overseas sales dropped last month.
Crude imports by China, the world’s second-biggest
oil consumer, slid 1.8 percent in September from a
year earlier to 20.08 million metric tons, according to data from the
Beijing-based General Administration of Customs on Oct. 13. Purchases were up
9.1 percent from August, its website showed.