Oil prices relax on Iran nuclear news
Iran’s president announced that the country is willing to comply with UN nuclear weapons restrictions. After hours trading of oil immediatly responded with a drop in the price of oil of about 1% to $72.50/barrel. The news could not have come at a better time with news about voilence in Nigeria, Bolivia nationalization, and Iran’s persuit of nuclear arms all raising oil shortage fears. While prices may be temporarily down, oil prices over the next year oil prices are expected to continue to rise. (AMEX OIL INDEX)
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