Oil rises on economic optimism, Iran concerns |
Reuters - Jan 10, 2012 |
Oil prices rose on Tuesday as optimism about the U.S. economic growth, anxiety about Iran's nuclear program dispute with the West and unrest in Nigeria overrode caution over concerns about Europe's economy.
"Favorable U.S. economic guidance has taken center stage of late in the process of temporarily pushing euro zone debt issues to the backburner," Jim Ritterbusch, president at Ritterbusch & Associates, said in a note.
"Of course, the Iran factor has also facilitated some oil price strength," Ritterbusch added.
On the heels of last week's brighter U.S. employment data, economic optimism added support for oil prices as U.S. stocks hit a five-month high after strong import data from major copper consumer China and a bullish forecast by Alcoa pointed to a stronger global economy.
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- Posted: 2012-01-10 13:02:30
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