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May 23, 2012 Oil declined for a second day in New York after Iran agreed togrant access to United Nations nuclear inspectors and U.S. crudestockpiles increased. Futures slid as much as 0.7 percent. UN atomic inspectors and Iranbroke a five-year stalemate with a deal that gives theInternational Atomic Energy Agency access to the nation s Parchinmilitary complex, IAEA head Yukiya Amano said yesterday. Oil pricesadvanced in the first four months of this year on concern sanctionsagainst Iran will disrupt supplies. U.S. crude inventories rose 1.5million barrels last week, the American Petroleum Institute said. Agovernment report today may show they gained 1.7 million barrels, aBloomberg survey shows. The agreement by Iran to let the inspectors in is a small step inpotentially reducing the supply risk, said Ric Spooner, a chiefmarket analyst at CMC Markets in Sydney. That feeds into theoverall situation where demand is steady to somewhat soft against abackground of more than adequate supplies. Crude for July delivery declined as much as 60 cents to $91.25 abarrel in electronic trading on the New York Mercantile Exchange,and was at $91.27 at 10:55 a.m. Sydney time. The contract slid 1.1percent to $91.85 yesterday, the lowest close since May 18. TheJune future, which expired, fell 91 cents to $91.66. Front-monthprices are 7.6 percent lower this year. Brent oil for July settlement dropped 81 cents, or 0.8 percent, to$107.60 a barrel on the London-based ICE Futures Europe exchange.The European benchmark contract s premium to West TexasIntermediate was at $16.33, from $16.56 yesterday. Iran Talks Iran, the second-biggest crude producer in the Organization ofPetroleum Exporting Countries, is suspected by the West to haveworked on the trigger for an atomic bomb at the Parchin complex.The nation holds talks about its nuclear program in Baghdad todaywith the U.S., U.K., France, Russia, China and Germany. The sidesfailed to produce an accord at their last gathering on April 14 inIstanbul, where they described the discussions as constructive. The Western powers won t give Iran relief from oil and financialsanctions when they meet in the Iraqi capital, said U.S. officials.They may offer confidence-building measures in return for Iranianconcessions, according to the officials, who spoke on condition ofanonymity. U.S. gasoline inventories dropped 4.5 million barrels last week,the API data showed. An Energy Department report today may showthey declined 650,000 barrels, according to the median estimate of12 analysts in the Bloomberg survey. The API collects stockpile information on a voluntary basis fromoperators of refineries, bulk terminals and pipelines. Thegovernment requires that reports be filed with the EnergyDepartment for its weekly survey. I am an expert from mifare-smart-card.com, while we provides the quality product, such as Mifare Smart Card , China PVC White Card, Mifare Label,and more.
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