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GasBuddy News Article

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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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brbaritone
Champion Author Virginia

Posts:3,391
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Message Posted: Feb 20, 2012 8:46:32 AM

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.
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lcleveland
Champion Author San Antonio

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Message Posted: Feb 20, 2012 8:39:30 AM

and it keeps rising
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WalRus49
Champion Author Boston

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Message Posted: Feb 20, 2012 8:26:29 AM

Just more organized mayhem and pillage..........
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the1roadhog
Champion Author Atlanta

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Message Posted: Feb 20, 2012 8:18:42 AM

At some point in time, the oil will run out. Then, a real move to alternatives will not be blocked.
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jrs4125
Champion Author Indiana

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Message Posted: Feb 20, 2012 8:12:01 AM

Going up.
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