Oil below $107 after US, Israel meet on Iran

Oil prices hovered below $107 a barrel Tuesday in Asia after U.S. and Israel leaders met to discuss growing tensions over Iran’s nuclear program.

Benchmark oil for April delivery was up 13 cents to $106.85 at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract rose 2 cents to settle at $106.72 per barrel in New York on Monday.

Brent crude was down 6 cents at $123.74 per barrel in London.

After a meeting Monday in Washington, President Barack Obama and Israeli Prime Minister Benjamin Netanyahu showed no sign of give on competing ways to resolve the crisis. Obama urged pressure and diplomacy to prevent Iran from getting a nuclear bomb while Netanyahu emphasized his nation’s right to a pre-emptive attack.

The U.S., Europe, Israel and other nations fear that Iran may be building a nuclear weapon. Iran, the world’s third-largest oil exporter, denies the charge.

“The Iranian fear premium didn’t change in our view,” energy consultant Ritterbusch and Associates said in a report.

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