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Oil prices at nine month high after Iran dispute

by on February 21, 2012

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% of Iran’s oil exports.

The EU sanctions along with other punitive measures imposed by the US 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 programme is for peaceful purposes.

Oil prices were also boosted by China’s decision to boost money supply in a bid to spur lending and economic growth. China’s central bank said on Saturday it would 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 dollars earlier this month amid optimism the global economy may grow more this year than previously expected. JP Morgan raised its Brent crude price forecast to as high as 135 from 120 dollars.

From → Energy, International

One Comment
  1. guitargod permalink

    MLK was an American first and a staunch REPUBLICAN second. He peacefully fought to free all Americans from the “Economic Plantation”. Barack Hussein Obama (originally BarrySotero-alleged Christian-radical Alinskyite-expert on MarxistEconomics-classification: “Democrat”) works hard to keep/place ALL Americans ON the “Economic Plantation” We have a Dream alright – Let’s make it a Reality in NOV!!!!

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