Oil falls below $70 on Iran letter to Bush

LONDON (Reuters) – Oil fell below $70 on Monday on hopes tension over
Iran’s nuclear ambition will ease after Tehran made an unprecedented move to contact Washington.

U.S. light crude for June delivery was down 78 cents to $69.41 a barrel by 1212 GMT. London Brent crude fell 76 cents to $70.19 a barrel.

Iran’s President Mahmoud Ahmadinejad has written to
President Bush, Iranian government spokesman Gholamhossein Elham said.

“In this letter, he has given an analysis of the current world situation, of the root of existing problems and of new ways of getting out of the current vulnerable situation in the world,” he said.

The letter is the first publicly announced personal communication from an Iranian Premier to a U.S. President since ties between the two countries were broken after the 1979 Islamic revolution.

Reuters