Oil rebounds ahead of Iran talks

May 22nd, 2012 - 8:51 am ICT by IANS  

New York, May 22 (IANS) US crude prices rebounded Monday after six straight days of declines ahead of another round of Iran nuclear talks May 23.

The head of the International Atomic Energy Agency pressed Iran over inspections during a visit to Tehran Monday. But there was no signs of breakthrough deal. Speculations of more sanctions against Iran pushed the prices up, Xinhua reported.

The US senate Monday approved new sanctions against Iran’s energy sector in an effort to further pressure Tehran on its disputed nuclear programme.

Light, sweet crude for June delivery rose by $1.09, or 1.19 percent to settle at $92.57 a barrel on the New York Mercantile Exchange. In London, Brent crude for July delivery also rose and last traded around 109 dollars a barrel.

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