Oil Rises to Nine-Month High as Iran Bars Nuclear Inspectors From Base: report
Oil rose to a nine-month high as officials from the International Atomic Energy Agency were denied access to an Iranian military base and said negotiations "couldn't finalize a way forward", Bloomberg reported.
Futures climbed for a fifth day after the IAEA, the United Nations' nuclear body, said Iran refused inspectors permission to visit the Parchin base during two days of talks that ended yesterday. Crude fell as much as 0.6% earlier as reports showed manufacturing activity slowed in Europe and China, signs that fuel demand may decline.
Crude oil for April delivery increased 3 cents to US$106.28 a barrel on the New York Mercantile Exchange, the highest settlement since May 4. Futures have gained 14% in the past year.
Brent oil for April settlement climbed $1.23, or 1%, to US$122.89 a barrel on the London-based ICE Futures Europe exchange. The price reached US$123.23, the highest intraday level since May 3. The European benchmark was at a US$16.61-a-barrel premium to New York-traded West Texas Intermediate oil. The spread was US$1.20 wider than yesterday.
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