Oil below $83 in Asia trading

Oil dropped below $83 a barrel Tuesday in Asia as traders closely watched talks between Iran and six world powers over Tehran’s nuclear program. American light crude For July delivery was down 36 cents to $82.91 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell 76 cents to settle at $83.27 in New York on Monday. In London, Brent crude for August delivery was down 48 cents at $95.57 per barrel. Negotiators from Iran are in talks with counterparts from six world powers: the United States, Britain, France, Russia, China and Germany Monday and Tuesday in Moscow, the third such meeting in recent months. Crude has plunged from $110 in February as fears eased that the U.S. or Israel would attack Iranian nuclear facilities and disrupt global oil supplies. Signs of slowing economic growth and oil demand in the U.S., Europe and China have also pushed prices lower.(QNA)