Oil Fluctuates Near a Nine-Month High on Manufacturing, Iran

Oil fluctuated near a nine-month high as reports showed manufacturing activity slowed in Europe and China and United Nations inspectors in Iran were denied access to a military base.

Futures fell as much as 0.6 percent after an index based on a survey of euro-region purchasing managers unexpectedly shrank. Manufacturing in China may decline for a fourth month, according to a preliminary index. Oil advanced earlier after officials from the International Atomic Energy Agency were denied access to the Iranian base in Parchin.

“Prices slipped because we didn’t get rosy economic data,” said Gene McGillian, an analyst and broker at Tradition Energy in Stamford, Connecticut. “We’re still well above $105 and the bullish factors that got us here are still there. The geopolitical tensions with Iran continue to simmer.”

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- Posted: 2012-02-22 12:16:20

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