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Oil Trades Near Nine-Month High on Iran Tension

Bloomberg -- Oil traded near the highest price in nine months in New York after euro-area finance ministers agreed on a second bailout for Greece.

Crude advanced as much as 2.1 percent from its Feb. 17 settlement. There was neither floor trading nor a closing price yesterday in the U.S. because of the Presidents’ Day holiday. Brent, the benchmark for half the world’s oil, was little changed in London after Europe Union finance ministers awarded 130 billion euros ($173 billion) in aid to Greece.

“The Greek bailout was priced into oil because it was expected that a deal would be approved,” said Andrey Kryuchenkov, an analyst at VTB Capital in London. “Brent is overbought. We have some geopolitical issues in Iran and Syria but OPEC is producing at record levels and output from Libya is increasing.

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Submitted Feb 21, 2012 By: WxVette

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SkyWarnTX All-Star Author Texas Posts:947 Points:57,185 Joined:Jan 2012	Message Posted: Feb 21, 2012 11:04:55 AM Ignore SkyWarnTX Report Abuse --- ?? Think BIG BANKS & SPECULATORS are causing the RISE in OIL Prices ?? YOU ARE CORRECT, BUT DO YOU KNOW HOW BIG BANKS & SPECULATORS CAME TO BE BIG OIL ENERGY TYCOONS… ? VIEW THIS ... AND YOU TOO WILL KNOW, THE REST OF THE STORY... CLICK HERE to WATCH the VIDEO explaining how WE GOT TO THIS POINT in GAS PRICES & HOME HEATING BILLS ---
dh0770 Champion Author Colorado Posts:6,987 Points:672,460 Joined:Jun 2011	Message Posted: Feb 21, 2012 10:37:07 AM Ignore dh0770 Report Abuse Whatever excuse they can hide behind!
peakkeller Champion Author Colorado Springs Posts:1,691 Points:777,350 Joined:Dec 2009	Message Posted: Feb 21, 2012 10:19:50 AM Ignore peakkeller Report Abuse Yikes
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carnifolks Veteran Author New Jersey Posts:354 Points:357,560 Joined:Sep 2006	Message Posted: Feb 21, 2012 8:59:42 AM Ignore carnifolks Report Abuse The have the reason rolling
dorisntx Champion Author Fort Worth Posts:2,079 Points:645,855 Joined:Apr 2011	Message Posted: Feb 21, 2012 8:51:11 AM Ignore dorisntx Report Abuse ok
remay Champion Author Houston Posts:6,963 Points:2,117,390 Joined:May 2006	Message Posted: Feb 21, 2012 8:41:29 AM Ignore remay Report Abuse Isn't ONE of these enough??? As in already posted... Oil Prices Touch 9-Month Highs The Wall Street Journal -- LONDON—Crude-oil futures climbed Monday on Iranian supply worries as Tehran threatened to halt oil exports to other European Union countries a day after it cut sales to U.K. and French companies. Early afternoon in London, the front-month April Brent contract on the ICE futures exchange was up 65 cents, or 0.5%, at $120.23 a barrel. The U.S. crude front-month March contract was trading up $1.88, or 1.8%, at $105.48 a barrel in electronic trade. The price of oil has reached an eight month high as tensions over Iran continue to escalate. Dow Jones' Sarah Kent explains what may be pushing prices up. Photo: Getty . Prices were down slightly from an earlier spike on Iran supply worries that took oil up to nine-month highs of $105.80 a barrel and $121.15 a barrel for U.S. crude futures and (go to article) Submitted Today By: DNRSVP 26 Comments
SkyWarnTX All-Star Author Texas Posts:947 Points:57,185 Joined:Jan 2012	Message Posted: Feb 21, 2012 8:36:53 AM Ignore SkyWarnTX Report Abuse --- The "ENRON LOOP HOLE" allows WALL STREET SPECULATORS to legally trade in the OIL FUTURES MARKET... CLICK HERE to WATCH the VIDEO explaining the ENRON LOOP HOLE ?? Think SPECULATORS are causing the RISE in OIL Prices ?? ---