The price of crude oil futures fell on Monday in the aftermath of international diplomacy with oil-rich Iran producing a commitment to convene meetings anew next month, Bloomberg reports .
The first global discussion about the nuclear ambitions of the Middle Eastern nation under sanctions by western countries to occur in 15 months pulled down the price of the energy commodity as much as 0.9 percent. The follow-up to this past Saturday's meetings in Istanbul between Irani delegates and U.N. Security Council members is slated for May 23 in Baghdad.
"The flavor of those talks did seem a little more positive than the rhetoric of the past," analyst David Lennox with Fat Prophets in Sydney told the news service.
At 8:50 a.m. on Monday, crude oil futures fell 0.95 percent, a $1.15 drop to $120.06 per barrel.
Officials from the five permanent members of the U.N. Security Council - the U.S., the U.K., China, France and Russia - as well as Germany devoted Saturday to negotiations, according to the International Business Times. President Obama said Iran runs the risk of taking on additional sanctions should it not reach a breakthrough in nuclear talks within the next few months.
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