Oil prices continue to fall on Iran talks, economic reports

Iran's agreement to resume talks on its nuclear program, plus economic reports, continue to drive oil prices down.

Oil futures fell 1.4 percent Monday, the third decline in four days, Bloomberg reports. After gaining 1.8 percent to $103.31 on April 5, oil for May delivery has now declined as much as $1.44 to $101.87. Markets were closed on April 6 for the Easter holiday. Overall, prices have gained 3.3 percent this year.

Brent crude is down 89 cents to $122.54 on the London-based ICE Futures Europe Exchange.

Iran will resume talks with the United Nations Security Council on April 14.

In addition to the Iranian talks, the U.S. jobs report for March was the smallest increase in five months, with 120,000 jobs created, compared to Bloomberg economists? median estimate of 205,000. Additionally, China reported its inflation grew faster than expected, increasing 3.6 percent from March 2011. The median estimate was 3.4 percent.

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