KUALA LUMPUR, Malaysia (AP) Oil prices fell Thursday as talks resumed between Iran and six powers to curb Tehran's nuclear program.
Benchmark U.S. crude for January delivery was down 20 cents to $93.65 a barrel at midafternoon Kuala Lumpur time in electronic trading on the New York Mercantile Exchange. The contract for December, which expired Wednesday, closed down 1 cent at $93.33.
A new round of Iran nuclear talks began in Geneva on Wednesday, with both sides indicating a first-step agreement was possible on a deal to roll back Iran's nuclear program in exchange for limited sanctions relief.
The U.S., Britain, France, Russia, China and Germany are offering a gradual easing of sanctions that have crippled Iran's economy, raising the possibility of an influx of Iranian oil into world markets at a time of already abundant supplies.
At the same time, signs that the Federal Reserve may wind down its $85 billion monthly bond purchases also bogged sentiment.