Oil fell for a second day after the first international talks in 15 months on Iran’s nuclear program yielded an agreement for the parties to reconvene.

Crude dropped as much as 1 percent after April 14 negotiations in Istanbul were called “constructive” by both Catherine Ashton, the European Union’s foreign policy chief, and Iran’s lead negotiator, Saeed Jalili.

The United Nations’ five permanent Security Council members plus Germany will meet Iranian delegates in Baghdad on May 23, Ashton said yesterday. The Istanbul talks lasted 10 hours.

Israeli Prime Minister Benjamin Netanyahu criticized the outcome as giving Iran more time to continue enriching uranium, the process capable of producing fuel for a nuclear bomb.

Crude for May delivery fell to $101.80 a barrel on the New York Mercantile Exchange. Prices are up 3.5 percent this year.

Brent oil for June settlement dropped $2.27, or 1.9 percent, to $118.94 a barrel on the ICE Futures Europe exchange.

Gold prices are falling, because the fear of the financial condition of Spain, investors get rid of riskier assets.

Concerns regarding the bidders to overcome the debt crisis in the euro area increased after the ten-year government bond yields in Spain on Monday exceeded the psychologically important level of 6%. This growth began last Friday, after it became known that the amount of borrowing by credit institutions of the country at the ECB in March increased about two times.

In addition, investor interest in safe assets, supported by analysts were worse than expected GDP data of China, which in the first quarter of 2012 increased by 8.1% compared with January-March 2011. The analysts expect the growth rate of 8.4%.

Trading volume is still lower than last year. According to the bank UBS, the average daily turnover on the Comex Exchange in April was only 61 percent of the March.

May futures on the COMEX gold fell today to $ 1641.4 an ounce.