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
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