| Oil Prices Extend Rise After Increase |
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| Thursday, 18 February 2010 10:00 | |||
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London
- Oil prices rose slightly on Wednesday local time, after a sharp rise
the previous day caused by the weak dollar and new tensions between
crude oil producers Iran and the West, analysts said.
The main futures contract, New York, light sweet crude for delivery in March, up 15 cents to 77.16 dollars per barrel around 1200 GMT. Oil Brent North Sea crude for April delivery rose 28 cents to 75.96 dollars per barrel. Crude oil futures jumped more than three dollars on Tuesday as the euro regaining some of the losses recently against the dollar, after the EU finance ministers pressed Greece to solve a huge debt. A weaker greenback makes oil priced in dollars cheaper for buyers using stronger currencies, boosting demand. Crude oil market rally also pushed the nuclear issue of Iran's oil-rich country, traders said. "Oil prices benefited from the increasing sentiment in the broader market, a withdrawal back in the dollar and geopolitical worries the latest," VTB Capital analyst, Andrey Kryuchenkov said Wednesday. Iran has recently started to enrich uranium to a purity of 20 percent of the state capital of Washington and others say adding evidence that the Islamic Republic is trying to build nuclear weapons. Tehran denies the accusations, insisting the aim is peaceful nuclear energy and research. U.S. Secretary of State Hillary Clinton held talks in Saudi Arabia on Monday to seek support for new UN sanctions against Iran, which he warned was turned into a "military dictatorship" determined to develop nuclear weapons. Responding on Wednesday, Iran's supreme leader Ayatollah Ali Khamenei said that Clinton has been spreading "lies". Iran's foreign exchange activity and is still the focus in the absence of supply of key U.S. data. Weekly figures, usually issued by the U.S. government on Wednesday, has been delayed due to public holidays in the United States at the beginning of this week. Meanwhile, oil prices have recently knocked out because of falling euro and China's latest effort to cool the booming economy, traders said. China is the country's second largest oil consumer after the United States the world. In foreign exchange trading, the dollar advanced slightly against the euro on Wednesday, after retreating due to reduced concerns about the impact of Greek sovereign debt mountain. Last week, the euro sank to the lowest point of 1.3532 dollars in nine months, pressured by concerns that the country-other euro zone countries including Portugal, Ireland, Italy, and Spain could suffer the same fiscal problems such as Greece. But the euro rose sharply on Tuesday in U.S. trading after a meeting of EU finance ministers called Greece to prepare drastic measures to control the March 16 public deficit stood out - the highest in the 16-member euro zone. (Cutting costs and radical new measures set for raising taxes imposed under the new agreement the voting rules of the European Union. | Antaranews.com | tenderoffer.biz |
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