July crude oil prices trended higher during the initial morning hours, helped by a slight easing in European debt concerns and prospects for concerted central bank intervention. An added factor supporting the crude oil market this morning appeared to be the breakdown in negotiations between Iran and Western nations. Western nations want Iran to stop their nuclear enrichment program before removing sanctions, and that has resulted in another meeting next month. The failed talks have the potential to inject a modest fear premium back into the crude oil market.
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