Oil: Longest rally in two years as world worries about supplies and Iran

Oil: Longest rally in two years as world worries about supplies and Iran

New York City : NY : USA | Feb 24, 2012 at 5:32 PM PST
Views: Pending
Agenda: With George Friedman and Robert Kaplan on Iran

Oil prices have risen for an entire week now. This is the longest rally since January 2010. Sanctions against Iran are also now threatening global oil supplies as well.

Oil futures rose to the highest level in nine months. Some favorable economic news in the U.S. and improvement in consumer confidence in the U.S. France and South Korea could mean higher consumer demand.

Gene McGillian a U.S. based analyst and broker said:"The bulls have the oil market by the throat," "There's an undercurrent of fear about the Iranian nuclear situation and what that will mean for global supplies as people scramble to replace Iranian barrels." Crude for delivery in April rose 31 cents to 108.14 a barrel. Contracts reached the highest level since last May 5.

April Brent oil added 9 cents to $123.71 a barrel on the London-based exchange. While downside risks from economic slowdown are receding somewhat at the same time worries about disruption of oil supplies is increasing driving prices up. For more see this Bloomberg article.

1 of 7
India takes about 20% of Iran's crude oil exports but sanctions are delaying payments
India takes about 20% of Iran's crude oil exports but sanctions are delaying payments
northsunm32 is based in Brandon, Manitoba, Canada, and is an Anchor on Allvoices.
Report Credibility
  • Clear
  • Share:
  • Share
  • Clear
  • Clear
  • Clear
  • Clear

News Stories

  • Oil Price Jumps Due To Concerns Over Iran

      Sky News
    Brent crude, which has gained more than 11% so far this month, traded as high as $124.28 (£78.60), the highest intra-day price since May 3. US crude futures rose for a seventh day, its longest winning streak since a 10-day gain in December 2009. The...
  • Oil jumps to 10-month high on Iran tensions

      Sydney Morning Herald
    Story continues below Brent April crude rose $US1.85 to close at $US125.47 a barrel, the highest settlement since April 29. Friday's $US125.55 peak was the highest intraday price since May 2. The weekly gain of 4.93 per cent was the best weekly...
  • Oil rises above $124/barrel but stocks stay higher

      International Business Times
    Articles The sharp run-up in oil prices has increased worries that slower consumer demand will stymie global growth, particularly as the euro zone remains mired in a debt crisis and appears headed for recession. A day after hitting a record high in...
  • How will Iran's crude oil crisis hit India?

      India Abroad
    Malini Bhupta in Mumbai L ast month's embargo on Iranian oil from the EU and the US is sure to impact India. Nearly 10 per cent of India's crude oil requirement, worth $13 billion, is met by Iran at present. Given India's high dependence on Iran, any...
  • Oil jumps to almost $110 as S&P closes at highest since 2008

      Los Angeles Times
    Select a date range Create a custom date range Bloomberg Oil extended the longest rally in two years as tensions with Iran threatened supplies while signs of economic growth boosted the outlook for demand. The Standard & Poor's 500 Index closed at...
  • Iran concerns push oil prices towards $124

      New Europe
    On 24 February, Brent oil prices rose towards $124 a barrel and was heading for a fifth straight weekly gain driven by concern over cuts in Iranian supply. On 19 February, Iran halted oil shipments to Britain and France as a retaliatory measure...





More From Allvoices

Report Your News Got a similar story?
Add it to the network!

Or add related content to this report

Use of this site is governed by our Terms of Use Agreement and Privacy Policy.

© Allvoices, Inc. 2008-2014. All rights reserved. Powered by PulsePoint.