World crude prices hovered above 72 dollars on Tuesday as concerns over Iran eased.

New York's main contract, light sweet crude for delivery in September, rose 18 cents to settle at 72.63 dollars per barrel.

In London, Brent North Sea crude for delivery in October, lost 14 cents to settle at 73.24 dollars per barrel.

Iran's top nuclear negotiator Ali Larijani issued on Tuesday an official reply to a six-nation package of proposals aimed at resolving the disputed nuclear issue.

Meanwhile, traders still worry about the possibility that Iran's oil exports would halt if the United Nations imposed international sanctions on Teheran for its nuclear activities. Iran is OPEC's No. 2 producer following Saudi Arabia, pumping 4 million barrels of crude oil and exporting 2.4 million barrels per day.

Source: Xinhua