SINGAPORE: Oil prices slid in Asian trade Monday after nuclear talks over the weekend between major crude producerIran and world powers eased concerns overMiddle East supply, analysts said.
New York's main contract, West Texas Intermediate crude for delivery in May, was down 61 cents to $102.22 per barrel while Brent North Sea crude for June shed $1.13 to $120.08 in morning trade.
"Oil has slipped after 'constructive' talks betweenIranand six of the world's biggest economic superpowers," said Justin Harper, market strategist at IG Markets Singapore in a note.
"This has helped take some of the 'war premium' out of energy prices," he added.
Saturday's nuclear talks between officials from Iran and diplomats from the so-called P5+1 group comprising the United States, Russia, China, Britain, France and Germany have largely been described as "positive" by both sides.
However Western officials have stressed that a great deal was expected of the Islamic republic at the next meeting inBaghdadon May 23.
The talks were aimed at persuading Tehran -- the second largest crude producer in OPEC -- to halt its controversial nuclear programme, which much of the international community believes is geared towards building an atomic weapon.
Iranhas so far insisted that it is enriching uranium for peaceful purposes including cancer treatment.
Several rounds of financial sanctions by the UN Security Council, theUnited Statesand the European Union have so far been ineffective in pressuringIranto cease its nuclear activities.
The Islamic republic has previously threatened to shut the strategicStrait of Hormuz-- a major passageway for a fifth of the world's global oil supply -- if it faced further sanctions.
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