Oil drops on Iranian comments

Oil prices were lower on Thursday after comments from Iran’s chief nuclear negotiator led to hopes that tensions between his nation and the West over Iranian nuclear ambitions could ease soon. Ali Larijani said, in a joint news conference with EU negotiators that the two sides were getting near to a “united view” on some issues under discussion.

Brent crude for June delivery dropped 39 cents to $68.18 per barrel, while by mid-afternoon on the New York Mercantile Exchange June contacts for West Texas Intermediate Crude were down 76 cents to $65.08 per barrel. Nymex gasoline was even at $2.29 per gallon, while Nymex heating oil had gained 1 cent to $1.91 per gallon. Natural gas was 20 cents lower to $7.59 per million British thermal units.