Electronic Trading: New York Mercantile Exchange

New York Mercantile Exchange: Benchmark crude for September delivery was down 12 cents to US$106.44 per barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell 38 cents to close at $106.56 on the Nymex on Monday, according to Times Colonist. Iran has faced international oil and banking sanctions over its nuclear program and fears it is being used to develop atomic weapons. Having a new leadership in Tehran "has raised some optimism that this new relationship dynamic will augur a much less confrontational relationship between Iran and the US," Hewson said in an email commentary. "The reopening of a Libyan terminal has also helped to weigh on Brent prices as new supply comes on stream." BANGKOK - The price of crude fell Tuesday as the swearing-in of a new leader in Iran raised hopes for less tension between the oil-producing Islamic republic and the West. Michael Hewson, senior market analyst at CMC Markets, said the "softer" oil price could be attributed to an expected easing of tensions between the U.S. and Iran, whose new leader, Hasan Rouhani, took office Sunday. Rouhani is a moderate cleric who has called for a dialogue with the West. (www.immigrantscanada.com). As reported in the news.