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Oil rises towards $124 on Iran tension

Posted By admin On February 24, 2012 @ 3:54 am In World News | Comments Disabled

Reuters [1]
February 24, 2012

Oil rose towards $124 a barrel on Friday, heading for a fifth straight weekly gain, as concern over cuts in Iranian supply offset worries that high oil prices could restrain demand.

European buyers of Iranian oil have cut back on purchases ahead of an EU embargo on Iran’s oil imports effective July 1. Some of Iran’s biggest customers in Asia including China have also reduced purchases.

Brent crude rose 16 cents to $123.78 by 0904 GMT, after trading as high as $124.28 earlier. It reached $124.50 on Thursday, the highest intra-day price since May 3. U.S. crude was up 48 cents to $108.31, extending its rally into a seventh day.

“The supportive factors are on the supply side – Iran and Iran and Iran, with a bit of Syria and Sudan,” said Christopher Bellew, a broker at Jefferies Bache in London. “It would not be at these numbers if it was not for the supply-side problems.”

Full article here [1]

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URLs in this post:

[1] Reuters: http://www.reuters.com/article/2012/02/24/markets-oil-idUSL5E8DO18O20120224

[2] Crude oil above $109 on Iran tension, Chinese data: http://www.prisonplanet.com/crude-oil-above-109-on-iran-tension-chinese-data.html

[3] Oil pushes over $115 on Syria tension: http://www.prisonplanet.com/update-6-oil-pushes-over-115-on-syria-tension.html

[4] Crude Oil Rises as Iran Test-Fires Missile, Dollar Declines: http://www.prisonplanet.com/crude-oil-rises-as-iran-test-fires-missile-dollar-declines.html

[5] Crude Oil Rises on Concern Israel Attack Will Cut Iran Supply: http://www.prisonplanet.com/crude-oil-rises-on-concern-israel-attack-will-cut-iran-supply.html

[6] Oil price falls after US warns Iran over threat to close Gulf supply route: http://www.prisonplanet.com/oil-price-falls-after-us-warns-iran-over-threat-to-close-gulf-supply-route.html

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