Reply #3: Crude Futures Fall Ahead of IAEA Meeting

[ozymandius]

SINGAPORE - Oil prices declined Monday in Asian trading amid expectations that
Iran's oil output won't be affected by the U.N. nuclear watchdog's meeting later in the day on Tehran's nuclear ambitions.

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The International Atomic Energy Agency will hold a board meeting Monday on Iran, the No. 2 oil producer in OPEC. The board's recommendation to the U.N. Security Council, which has the power to impose sanctions, will likely help determine its immediate course of action.

"People are watching the IAEA meeting, but it has already been factored in," said Tetsu Emori, chief commodities strategist at Mitsui Bussan Futures. "We don't expect that Iran would cut production or exports."

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