Crude prices fall slightly

Even though tensions over the stand-off between Iran and the West over Iran’s nuclear ambitions remain in focus, crude oil prices were slightly lower on Monday. The UN Security Council and German met in London during the day to decide on stronger sanctions against Iran after it refused last week to meet a UN deadline for suspending its uranium enrichment program.

April contracts for Brent crude dropped 7 cents to trade at $60.81 per barrel at late afternoon in London, while West Texas Intermediate crude for April delivery was down 24 cents to $60.90 per barrel in early afternoon trade on the New York Mercantile Exchange. Much of the declines were attributed to profit-taking after last week’s rise in prices, which amounted to around 5 percent.