Oil Caps Longest Rally in Two Years on Iran |
| Bloomberg - Feb 24, 2012 |
Oil capped its longest rally since January 2010 as escalating tension with Iran threatens supplies and on signs of a global economic recovery.
Futures advanced above $109 a barrel for the first time in nine months as sanctions against the Persian Gulf nation make it more difficult to sell oil. Iran dismissed UN atomic inspectors’ concerns that nuclear-weapon work is occurring, a document acquired by Bloomberg News showed. American, French and South Korean consumer confidence gained, reports showed today.
“Everyone is looking at $110 oil,” said Stephen Schork, president of the Schork Group in Villanova, Pennsylvania. “The tension between Iran and the West has risen to an incredible level. We’re trading on fear that this will deteriorate into a new war in the Middle East.”
Crude oil for April delivery rose $1.94, or 1.8 percent, to $109.77 a barrel on the New York Mercantile Exchange, the highest settlement since May 3. The front-month contract increased 6.3 percent this week. Crude’s seven-day advance was the longest since the period ended Jan. 6, 2010.
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- Posted: 2012-02-24 14:57:39
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