Forexpros – Crude oil futures fell in Asian trading on Wednesday on talk Iran is increasingly willing to open its doors to nuclear inspectors, which could ease sanctions on the country and pave the way to normal oil exports.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in July traded at USD91.27 a barrel, down 0.63%, off from a session high of USD91.72 and up from an earlier session low of USD91.26.
Hopes that Iran will allow inspectors from the United Nations nuclear watchdog, the International Atomic Energy Agency, to visit its facilities sent crude falling in Asian trading on Wednesday.
Oil shot up earlier this year amid growing tensions between the West and Iran, with the former accusing the latter of developing a nuclear weapons program, a charge Tehran denies.
Tensions simmered to the point earlier this year that Iran threatened to close the Strait of Hormuz, a narrow waterway connecting oil-rich Persian Gulf nations with the rest of the world.
Iran cut oil exports to portions of Europe to counter economic sanctions slapped on the country, and a European Union-wide oil embargo still remains set to take effect in July.
However, recent dialogue with Iranian delegates and hope inspections will results sent the commodity falling.
Meanwhile in Europe, former Greek Prime Minister Lucas Papademos reportedly told Dow Jones newswires the possibility of a Greek exit from the eurozone was a real possibility, which further pressured oil down.
Stockpiles in the U.S. have been rising, as drivers balked at previously high gasoline prices by demanding less fuels.
On the ICE Futures Exchange, Brent oil futures for July delivery were down 0.42% and trading at USD107.62 a barrel, up USD16.35 from its U.S. counterpart.
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