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Reply #20


Response to Tansy_Gold (Original post)

Tue Jan 17, 2012, 06:29 AM

20. Oil climbs above $100 in Asia amid Iran tensions

http://hosted.ap.org/dynamic/stories/O/OIL_PRICES?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2012-01-17-03-25-33

KUALA LUMPUR, Malaysia (AP) -- Oil climbed above $100 a barrel Tuesday in Asia after Saudi Arabia, the world's largest exporter of the commodity, indicated it thinks prices should be maintained around that level.

Benchmark crude for February delivery was up $1.94 at $100.63 a barrel at midday Kuala Lumpur time in electronic trading on the New York Mercantile Exchange. The oil market in the U.S. was closed on Monday for a holiday.

Oil prices rose after Saudi Oil Minister Ali al-Naimi told CNN that Saudi Arabia wanted to stabilize prices at $100 a barrel this year and was ready to pump more oil if needed, said Victor Shum, an energy analyst with Purvin & Gertz in Singapore.

But the minister's comments also raised new tension as Iran has warned Gulf nations not to make up any shortfall due to U.S.-led sanctions that are hampering its crude exports, Shum said. Iran has warned it would respond to an embargo by shutting the Strait of Hormuz which is used to transport about a fifth of the world's oil.

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