Oil Heads for Third Yearly Gain on Iran Tension, U.S. Economy Speculation |
| Bloomberg - Dec 29, 2011 |
Oil rose for a second day, heading for a third yearly increase, on speculation that escalating tension in the Middle East may disrupt supplies as a recovery in the U.S. economy bolsters demand.
Futures advanced for the eighth day in nine, extending this year’s gain to 9.2 percent. A U.S. State Department spokeswoman yesterday called Iran’s threats to shut the Straits of Hormuz “irrational behavior.” About one-sixth of global supply travels through the seaway. The country faces sanctions on its crude exports and a possible boycott by European oil buyers over its nuclear program. Prices gained yesterday after U.S. jobless claims fell to a three-year low.
Crude for February delivery gained as much as 19 cents, or 0.2 percent, to $99.84 a barrel on the New York Mercantile Exchange. It was at $99.74 at 8:20 a.m. Singapore time. Prices climbed 15 percent in 2010. This year’s gain would be the smallest since 2006 when the contract increased 0.02 percent.
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- Posted: 2011-12-29 19:50:14
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