International oil prices have slipped following Iran's decision to reopen talks over its suspected nuclear program with the U.S. and five other major powers.

On the New York Mercantile Exchange, West Texas Intermediate crude for delivery in May dropped by 85 cents from last week’s closing price to 102 dollars and 46 cents per barrel.

At the London ICE Futures Exchange, Brent crude traded at 122 dollars and 70 cents per barrel, down 73 cents.

Iran’s decision to restart the negotiations with the five permanent UN Security Council members plus Germany follows a one-year hiatus.

Iranian media and Western officials say the nuclear talks will begin in Istanbul, Turkey, on April 14th.

The drop in international oil prices is also attributable to expectations that demand for crude oil will fall due to a U.S. economic slump.