Minneapolis Star Tribune, in its July 20, 2012 article, reports that Oil below $92 as weak demand, Iran tension weighed.
Extract :
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Oil
slipped below $92 a barrel Friday, after a big jump the day before, as weak
demand was weighed against rising Middle East tensions.
By
early afternoon in Europe, benchmark crude was down $1.14 at $91.83 a barrel
in electronic trading on the New York Mercantile Exchange. The contract
surged $2.79, about 3 percent, to settle at $92.66 in New York on Thursday,
its highest level since mid-May.
In
London, Brent crude was down $1.02 at $106.78 on the ICE Futures exchange.
The
oil market is responding to a series of events that have raised concerns that
Iran will try to block oil shipments through the Strait of Hormuz, a narrow
waterway in the Persian Gulf through which one-fifth of the world's oil
travels every day. The U.S. and Europe have applied sanctions against Iranian
oil exports as they try to wring concessions from Tehran over a nuclear
energy program they believe is a cover for eventually producing nuclear
weapons.
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