Tuesday, July 11 2006 14:28 Hrs (IST) - World Time -

Singapore: Oil prices were lower in Asian trade today (July 11, 2006) on hopes for progress on Iran's nuclear programme at the upcoming Group of Eight summit and as the market gave back gains sparked by last week's North Korean missile launches, analysts said.

At 10:45 am (0815 IST) New York's main contract, light sweet crude for delivery in August, was down 19 cents at 73.42 dollars per barrel from 73.61 dollars in late US trades yesterday.

The contract hit record 75.78 dollars in intraday trade Friday on heightened geo-political tensions, particularly over Iran and North Korea.



Brent North Sea crude for August was down 17 cents at 72.72 dollars.

"There's a bit more optimism in the oil market this week. Oil prices are falling primarily due to easing geo-political concerns and before the G8 meeting on the Iranian front," Victor Shum, an analyst with energy consultancy Purvin and Gertz, said.

The European Union was expected to press Iran today for an early response to an offer to defuse its nuclear stand-off with the West but hopes for a breakthrough appeared slim at fresh talks in Brussels.

EU foreign policy chief Javier Solana was to hold new talks with Iran's top nuclear negotiator Ali Larijani, as well as representatives from Britain, France, Germany and Russia.