Crude Lower As Iran Caves, Allows Inspectors

May 22, 2012 10:10 AM EDT
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IAEA announced yesterday that Iran has agreed to let inspectors into the country. The decision is widely believed to be a positive sign and could pave the way for more easing of tensions in the region.

Tomorrow leaders from U.S., Iran, China, Russian, Germany, France and the U.K. will hold talks in Baghdad. Negative headlines out of the meeting could reverse the recent sell off in the price of crude oil futures.

The price of WTI futures have collapsed from $110 in March and are now trading near $92 per barrel. Crude can be traded using the ETFs United States Oil (NYSE: USO) or iPath S&P GSCI Crude Oil TR Index ETN (NYSE: OIL).

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