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Oil Drops as Traders Say Iran Sanctions Unlikely to Trim Supply »

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Iran, the second-largest producer in OPEC, risks further sanctions after ignoring a UN Security Council resolution ordering it to stop uranium enrichment by Feb. 21. Officials agreed yesterday at a London meeting to discuss ``elements'' of new sanctions, said Sean McCormack, a U.S. State Department spokesman.

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STONERS
Feb. 27, 2007, 12:04 p.m.
Crude oil for April delivery fell as much as $1.18, or 1.9 percent, to $60.21 a barrel on the New York Mercantile Exchange and was at $60.50 at 1:04 p.m. in London. Oil traded earlier near a nine-week high.

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