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Oil falls on job data, Iran talks

04-10-2012 09:29 BJT

NEW YORK, April 9 (Xinhua) -- Crude prices fell on Monday as U. S. disappointing job data released on Friday caused recovery concerns and Iran agreed to resume talks with the West on its nuclear issue.

On the first day after the Good Friday holiday, oil market was pressured heavily by the tepid U.S. job report. Nonfarm payrolls rose by 120,000 in March, the Labor Department reported on Friday, far below the economists' average estimate for an increase of 200, 000. After increasing over 200,000 every month since November 2011, the weaker growth in March indicated a slow-down of U.S. economic recovery, causing demand worries in the world-largest economy.

Besides, Iran over the weekend expressed willingness to resume talks with six major countries over its nuclear program in Istanbul April 14. That eased fears of Iran's oil supplies disruption. Since the beginning of this year, fears of rising tension between Iran and the West had led to sharp increase in oil prices.

Some analysts thought the renewed talks could end up with an agreement that would lift sanctions against Iran, while others remained cautious about Iran's relationship with the West, saying the talks could probably end up with nothing.

Light, sweet crude for May delivery slipped 85 cents, or 0.82 percent to settle at 102.46 dollars a barrel on the New York Mercantile Exchange. In London, the oil market was closed on Monday. Brent crude for May delivery dropped 76 cents to 122.67 dollars a barrel in electronic trade.

Editor:Wang Lingfei |Source: Xinhua

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