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 NEW YORK (AP) - Oil prices plunged by more than $2 a barrel Tuesday on hopes that the inauguration of a new president in OPEC member Nigeria would contribute to a stable supply from the Niger Delta region.
A formal meeting over the weekend between U.S. and Iranian officials also soothed traders' concerns about a potential conflict between the two countries.
Light, sweet crude for July delivery dropped $2.05 to settle at $63.15 a barrel on the New York Mercantile Exchange. Before the long weekend, U.S. crude oil climbed more than $1 to $65.20 Friday. Monday there was no floor trade and no closing price in the U.S. because of the Memorial Day holiday.
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