Oil Dropped 16 Cents to $91.69 a Barrel

Bloomberg reported that oil dropped 16 cents after Iran decided to let in United Nations nuclear inspectors.

As quoted in the market news:

Crude for July delivery was at $91.69 a barrel, down 16 cents, in electronic trading on the New York Mercantile Exchange at 9:10 a.m. Sydney time. The contract slid 1.1 percent to $91.85 yesterday, the lowest close since May 18. The June future, which expired, fell 91 cents to $91.66. Front-month prices are 7.2 percent lower this year.

Click here to read the full Bloomberg report.