Fozzie_Bear
Posts:
48,479
Registered:
Dec 20, '01
Extended Info (if available)
Real Post Cnt: 47,515
User ID: 558,887
|
Subject:
Oil jumps to 9-month high after Iran cuts supply
|
fears... time to profit 
Oil jumps to 9-month high above $105 in Europe as Iran cuts supply to Britain, France
http://finance.yahoo.com/news/oil-jumps-9-month-high-044713139.html
Oil prices jumped to a nine-month high above $105 a barrel on Monday after Iran said it halted crude exports to Britain and France in an escalation of a dispute over the Middle Eastern country's nuclear program.
By Monday afternoon, benchmark March crude was up $2.02 to $105.26 per barrel in electronic trading on the New York Mercantile Exchange, the highest since May. The contract rose 93 cents to settle at $103.24 per barrel in New York on Friday.
Iran's announcement will likely have minimal impact on supplies, analysts said, because only about 3 percent of France's oil consumption is from Iranian sources. Britain had not imported oil from the Islamic republic in six months.
"The price rise is more a reflection of concerns about the further escalation in tensions between Iran and the West," said commodity analyst Caroline Bain of the Economist Intelligence Unit. "Banning the tiny quantities of exports to the U.K. and France involves very little risk for Iran — indeed quite the opposite, it catches the headlines and leads to a higher global oil price, which is something Iran is very keen to encourage."
Markets in the United States are closed Monday for the Presidents Day holiday.
Iran's oil ministry said Sunday it stopped crude shipments to British and French companies in an apparent pre-emptive blow against the European Union after the bloc imposed sanctions on Iran's crucial fuel exports. They include a freeze of the country's central bank assets and an oil embargo set to begin in July.
Iran's Oil Minister Rostam Qassemi had warned earlier this month that Tehran could cut off oil exports to "hostile" European nations. The 27-nation EU accounts for about 18 percent of Iran's oil exports.
Tehran also is considering extending the embargo to other European countries, a semiofficial Iranian news agency reported Monday.
The head of Iran's state oil company Ahmad Qalehbani was quoted by the Mehr agency as saying that the country would stop selling crude to nations who take action against Tehran.
The EU sanctions, along with other punitive measures imposed by the U.S., are part of Western efforts to derail Iran's disputed nuclear program, which the West fears is aimed at developing atomic weapons. Iran denies the charges, and says its program is for peaceful purposes.
Oil prices also rose on hopes that Greece's new bailout deal will be approved on Monday as well as by China's decision to boost money supply bid to spur lending and economic growth. China's central bank said Saturday it will lower the ratio of funds that banks must hold as reserves, a move that frees tens of billions of dollars.
Oil has jumped from $96 earlier this month amid optimism the global economy may grow more this year than previously expected. J.P. Morgan raised its Brent crude price forecast to as high as $135 from $120 — on Monday, the April Brent crude contract was up 79 cents at $120.37 per barrel on the ICE Futures exchange.
"Building economic momentum has the potential to pull oil prices higher for the next 12 to 24 months," J.P. Morgan said in a report.
In other energy trading in March contracts, heating oil gained 3 cents to $3.22 per gallon and gasoline futures rose 3.2 cents to $3.22 per gallon. Natural gas lost 7 cents to $2.62 per 1,000 cubic feet.
-----signature-----
The Oatmeal Butterscotch paired with a Snickerdoodle
turned my cynical penis into a happy vagina
Then after an Oatmeal Cranberry and Double Chocolate,
it made my new vagina spontaneously sing the Trolololo Song in an elevator.
---AkagiyamaMissile
|
|
Link to this post
|
Terminius_Est
Title: Moon River
Posts:
40,732
Registered:
Feb 27, '02
Extended Info (if available)
Real Post Cnt: 40,160
User ID: 651,096
|
Subject:
Oil jumps to 9-month high after Iran cuts supply
|
I work for an oil company. 
-----signature-----
There is no emotion, there is peace. There is no ignorance, there is knowledge. There is no passion, there is serenity. There is no chaos, there is harmony. There is no death, there is the FORCE. Sci/Fi Bookshelf http://tinyurl.com/2z8u9h
|
|
Link to this post
|
suntzukali2
Posts:
21,648
Registered:
Jan 23, '02
Extended Info (if available)
Real Post Cnt: 21,117
User ID: 626,430
|
Subject:
Oil jumps to 9-month high after Iran cuts supply
|
Well I have a feeling we will liberate that country soon. They have WMD yeah thats the ticket. WMD.
-----signature-----
The ultimate end of all revolutionary social change is to establish the sanctity of human life, the dignity of man, the right of every human being to liberty and well-being. Emma Goldman self portrait http://img.photobucket.com/albums/v375/xyzzy11686
|
|
Link to this post
|
Kanga_Roo
Posts:
27,681
Registered:
Feb 26, '02
Extended Info (if available)
Real Post Cnt: 27,388
User ID: 650,647
|
Subject:
Oil jumps to 9-month high after Iran cuts supply
|
|
China wins!
-----signature-----
Laws control the lesser man... Right conduct controls the greater one.
Mark Twain
|
|
Link to this post
|
BritonGuy
Title: Serious Business
Posts:
45,939
Registered:
Mar 4, '04
Extended Info (if available)
Real Post Cnt: 45,256
User ID: 901,272
|
Subject:
Oil jumps to 9-month high after Iran cuts supply
|
|
Get used to it.
-----signature-----
Briton Guy...persnickety...NEVER! -Murron (truly) Hawkson is the greatest. -Hawkson Britonguy is usually right. -Onslaught on BT “Do or do not... there is no try.†- Yodazami Do you expect me to remember what I put in my mouth? -NSMachi
|
|
Link to this post
|
Bat_Avenger
Posts:
7,592
Registered:
Oct 25, '06
Extended Info (if available)
Real Post Cnt: 7,552
User ID: 1,179,274
|
Subject:
Oil jumps to 9-month high after Iran cuts supply
|
|
obama wins
-----signature-----
We are One Nation Under God - Barack "Barry" Obama
1/21/2013
Winning the nobel prize means 8 people in scandanavia liked you - it does not indicate truth, brilliance, or anything else.
-dugfromthearth
|
|
Link to this post
|
Kanga_Roo
Posts:
27,681
Registered:
Feb 26, '02
Extended Info (if available)
Real Post Cnt: 27,388
User ID: 650,647
|
Subject:
Oil jumps to 9-month high after Iran cuts supply
|
Bat_Avenger posted:
obama wins
The Republican field of candidates is doing more to ensure Obama Owns than anything Obama or Iran is doing.
-----signature-----
Laws control the lesser man... Right conduct controls the greater one.
Mark Twain
|
|
Link to this post
|
Fozzie_Bear
Posts:
48,479
Registered:
Dec 20, '01
Extended Info (if available)
Real Post Cnt: 47,515
User ID: 558,887
|
Subject:
Oil jumps to 9-month high after Iran cuts supply
|
|
yeah no kidding
-----signature-----
The Oatmeal Butterscotch paired with a Snickerdoodle
turned my cynical penis into a happy vagina
Then after an Oatmeal Cranberry and Double Chocolate,
it made my new vagina spontaneously sing the Trolololo Song in an elevator.
---AkagiyamaMissile
|
|
Link to this post
|
Bakuun
Posts:
11,017
Registered:
Jan 23, '01
Extended Info (if available)
Real Post Cnt: 10,787
User ID: 64,426
|
Subject:
Oil jumps to 9-month high after Iran cuts supply
|
Kanga_Roo posted:
The Republican field of candidates is doing more to ensure Obama Owns than anything Obama or Iran is doing.
Every single one of them scares the profanity out of me
-----signature-----
Small amount of text shown at the bottom of each of your messages. 250 character limit.
|
|
Link to this post
|
Fozzie_Bear
Posts:
48,479
Registered:
Dec 20, '01
Extended Info (if available)
Real Post Cnt: 47,515
User ID: 558,887
|
Subject:
Oil jumps to 9-month high after Iran cuts supply
|
|
It doesn't look good for Ron Paul and of the rest of the choices I don't know if I could even hold my nose and vote for them.
-----signature-----
The Oatmeal Butterscotch paired with a Snickerdoodle
turned my cynical penis into a happy vagina
Then after an Oatmeal Cranberry and Double Chocolate,
it made my new vagina spontaneously sing the Trolololo Song in an elevator.
---AkagiyamaMissile
|
|
Link to this post
|
