Oil declined for a second day in New York after Iran agreed to grant access to United Nations nuclear inspectors and the euro slumped to a 21-month low against the dollar.

West Texas Intermediate slid as much as 1.2 percent. UN inspectors and Iran broke a five-year stalemate with a deal that gives the International Atomic Energy Agency access to the nation’s Parchin military complex, IAEA Director General Yukiya Amano said yesterday. Western governments are holding talks with Iran today in Baghdad. The euro fell on speculation European leaders won’t propose new measures today in Brussels to stem the region’s debt crisis.

“For now the geopolitical premium is likely to remain depressed, and today’s meeting will set the tone for future relations between Iran and the West,” said Andrey Kryuchenkov, an analyst at VTB Capital in London, who predicts further price losses will be limited.

Crude for July delivery declined as much as $1.14 to $90.71 a barrel in electronic trading on the New York Mercantile Exchange. It was at $90.99 at 10:57 a.m. London time. The contract slid 1.1 percent to $91.85 yesterday, the lowest close since May 18. The June futures contract, which expired, fell 91 cents yesterday to $91.66.