World crude oil prices plummeted by more than one dollar per barrel for the second straight day Thursday while the IAEA calmed down the worries over the sanctions against Iran.

New York's main contract, light sweet crude for delivery in March, dropped 1.88 dollars to settle at 64.68 U.S. dollars a barrel. In London, the price of Brent North Sea crude for March delivery fell 2.15 dollars to close at 62.88 dollars a barrel.

On the New York Mercantile Exchange, the march heating oil fell 5.3 cents to settle at 1.7708 dollars a gallon, while March gasoline fell more than 6 cents to settle at 1.6656 dollars a gallon. Natural gas fell 37.6 cents to 8.347 dollars per 1,000 cubic feet.

An IAEA meeting has not reached a decision Thursday morning whether to report Iran to the UN Security Council over fears it secretly seeks atomic bombs. "We are reaching a critical phase but it is not a crisis situation. It's about confidence-building and it is not about an imminent threat," said IAEA chief Mohamed El Baradei.

U.S. chief delegate Gregory L. Schulte stressed "we are not now seeking sanctions or other punitive measures on Iran."

France, Germany and Britain, which represent the European Union, tabled a draft resolution Tuesday on Iran's nuclear issue to the IAEA Board of Governors, urging the issue be referred to the UN Security Council.

Iran announced it relaunched nuclear research on Jan. 10, igniting tension between the West and this second biggest oil producer within the OPEC.

Source: Xinhua