Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Economy
In reply to the discussion: STOCK MARKET WATCH - Tuesday, 17 January 2012 [View all]xchrom
(108,903 posts)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.
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.
Edit history
Please sign in to view edit histories.
78 replies
= new reply since forum marked as read
Highlight:
NoneDon't highlight anything
5 newestHighlight 5 most recent replies
RecommendedHighlight replies with 5 or more recommendations
"If President Obama is serious about saving the middle class and reducing income inequality..."
jtuck004
Jan 2012
#11
Second MF Global Unveiled As Canadian Regulator Accuses Barret Capital Of Commingling Client Funds
DemReadingDU
Jan 2012
#50