June starts with busy market day

06/12/2006
June began with a busy day on oil and gas markets. The July futures crude contract on the New York Mercantile Exchange fell on June 1 for a second session as the US, UK, Germany, France, China, and Russia hammered out a slate of incentives for Iran to give up uranium enrichment for its nuclear power program.The US government agreed to participate in negotiations to persuade Iran to halt the program, which could produce weapons-grade uranium. That would be the first direct contact between the US and Iranian governments in the 26 years since the US Embassy in Tehran was seized by Islamic revolutionaries. The move prompted “speculation that the situation is now closer to a benign resol...
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