Crude oil prices drop despite Iran worries

Crude oil prices were slightly lower on Tuesday ahead of an official response from Iran on demands from the West that it end its nuclear enrichment program.  Monday the highest religious official in Iran said that his nation would not abandon its program, causing new concerns of conflict over the issue even though the official response was expected to call for further negotiations.

October delivery Brent crude was 5 cents lower to $73.33 per barrel in London, while West Texas Intermediate crude September contracts were up 5 cents to $72.50 per barrel.  However, with September contracts expiring at the end of the trading day, October delivery WTI on the New York Mercantile Exchange were 20 cents lower to $73.10 per barrel.