World crude oil prices fell below 72 dollars Wednesday on the eve of U.S. weekly energy stocks report, as the United States vowed to join the European Union in nuclear talks with Iran.

New York's main contract, light sweet crude for delivery in July, fell 74 cents to 71.29 dollars per barrel in closing trades after trading as low as 70.05 dollars.

In London, Brent North Sea crude for July delivery declined 64 cents to close at 70.41 dollars per barrel.

U.S. Secretary of State Condoleezza Rice said Wednesday that the United States will join the European Union in talks with Iran as soon as Iran suspends uranium enrichment and reprocessing activities.

The EU has put forward a package of incentives, including providing a light-water reactor to Iran, and possible penalties if Iran fails to cooperate.

However, White House spokesman Tony Snow said earlier Wednesday that the United States will not engage in one-on-one talks with Iran.

The Energy Department will update the inventory statistics Thursday morning.

Source: Xinhua