Crude Oil Trades Above $74 on Iran’s Refusal to End Its Nuclear Research

Crude oil traded above $74 a barrel in New York after rising yesterday on concern Iran’s refusal to stop nuclear research may prompt United Nations action against the world’s fourth-largest oil producer.

Iranian President Mahmoud Ahmadinejad said yesterday his country won’t back down “one iota” over its nuclear program. The five permanent members of the UN Security Council and Germany will meet today to decide how to proceed, European foreign policy chief Javier Solana said yesterday after a meeting with Iran’s top nuclear official.

bloomberg