World crude oil prices dived below 70 dollars on Friday as concern over Iran eased.

New York's main contract, light sweet crude for delivery in October, fell 1.07 dollars to close the session at 69.19 dollars per barrel.

In London, Brent North Sea crude for October delivery dropped 1. 10 dollars to 69.15 dollars a barrel.

European Union foreign policy chief Javier Solana warned Friday against making concrete moves on sanctions against Iran while he holds talks with Tehran's chief nuclear negotiator Ali Larijani, according to AFP report.

Solana and Ali Larijani exchanged a telephone conversation on Thursday and they agreed to meet "in person" soon, said Solana's office.

Traders are worried that Iran's oil exports would stop if the United Nations imposes sanctions against Teheran for its nuclear activities. Iran is OPEC's second largest oil producer following Saudi Arabia, pumping 4 million barrels of crude oil and exporting 2.4 million barrels per day.

Source: Xinhua