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Oil Rises to 9-Month High; Iran Says Halts Europe Exports

Bloomberg -- Oil rose to a nine-month high in New York after Iran said it halted some crude exports and investors bet that fuel demand will increase as Europe moves closer to bailing out Greece.

Futures climbed as much as 1.9 percent for a fourth day of gains, the longest rising streak since December. Iran will supply crude to “new customers” instead of companies in the U.K. and France, the oil ministry’s news website, Shana, said, citing Alireza Nikzad Rahbar, a spokesman. Prices also advanced as European finance ministers prepared to meet to discuss a 130 billion-euro ($172 billion) aid package for Greece, the country’s second rescue in less than two years.

“The heightened level of tension surrounding Iran’s nuclear program continues to support prices, as does satisfactory growth in the U.S.

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Submitted Feb 20, 2012 By: WxVette

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REPLIES (newest first)Ignore Short Messages

brbaritone Champion Author Virginia Posts:2,063 Points:1,696,960 Joined:Jan 2007	Message Posted: Feb 20, 2012 7:46:32 AM Ignore brbaritone Report Abuse The key words are in the first sentence: " ... investors bet ... " - these 'investors' have been 'betting' that demand will increase for nearly three years. Demand has increased - slightly - but enough to cause the price of oil to triple? No way.
lcleveland Champion Author San Antonio Posts:2,656 Points:650,075 Joined:May 2011	Message Posted: Feb 20, 2012 7:39:30 AM Ignore lcleveland Report Abuse and it keeps rising
WalRus49 Champion Author Boston Posts:4,070 Points:867,890 Joined:Nov 2010	Message Posted: Feb 20, 2012 7:26:29 AM Ignore WalRus49 Report Abuse Just more organized mayhem and pillage..........
the1roadhog Champion Author Atlanta Posts:9,908 Points:2,054,930 Joined:Jun 2007	Message Posted: Feb 20, 2012 7:18:42 AM Ignore the1roadhog Report Abuse At some point in time, the oil will run out. Then, a real move to alternatives will not be blocked.
jrs4125 Champion Author Indiana Posts:2,753 Points:590,770 Joined:Sep 2011	Message Posted: Feb 20, 2012 7:12:01 AM Ignore jrs4125 Report Abuse Going up.