The Car and Truck Fleet and Leasing Management Magazine

Oil Prices Drop to Under $63 a Barrel

April 09, 2007

NEW YORK --- Crude oil prices fell $2 to under $63 a barrel Monday as news reports called into question Iran's claim that the country had begun enriching uranium on an industrial scale. Earlier, Iran's claim had sparked a surge of buying. President Mahmoud Ahmadinejad said Monday that Iran was now capable of enriching nuclear fuel using 3,000 centrifuges. But nuclear experts responded by pointing out that the announced capabilities fell far short of the material needed to operate the plant. Light, sweet crude for May delivery fell $2.02 to $62.26 a barrel in midday electronic trading on the New York Mercantile Exchange, the AP reported. Brent crude for May fell $1.01 to $66.86 a barrel in electronic trading on London's ICE Futures Exchange.
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