Markets

Oil Caps Longest Rally in Two Years as Iran Tensions Spur Supply Concern: report

Oil capped its longest rally since January 2010 as escalating tension with Iran threatens supplies and on signs of a global economic recovery, Bloomberg said.

It said futures advanced above US$109 a barrel for the first time in nine months as sanctions against the Persian Gulf nation make it more difficult to sell oil. Iran dismissed UN atomic inspectors' concerns that nuclear-weapon work is occurring, a document acquired by Bloomberg News showed.

Meanwhile, American, French and South Korean consumer confidence gained, reports showed today.

Crude oil for April delivery rose US$1.94, or 1.8%, to US$109.77 a barrel on the New York Mercantile Exchange, the highest settlement since May 3. The front-month contract increased 6.3% this week. Crude's seven-day advance was the longest since the period ended Jan. 6, 2010.

Brent oil for April settlement gained US$1.42, or 1.1%, to US$125.04 a barrel on the London-based ICE Futures Europe exchange. Earlier, it touched a nine-month high of US$125.55 a barrel.

Iran "dismissed the agency's concerns" about its nuclear program, the International Atomic Energy Agency said today in the 11-page restricted document. The Persian Gulf nation tripled its quarterly rate of producing 20% enriched

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

Commodities