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Oil prices climb as the Iranian attitude became a growing course for concerns
Tuesday, 03 January 2012
Oil prices climbed upward for the second consecutive day due to the escalating tone between Iran and the U.S..

The price of Brent crude rose to over $101 a barrel on Tuesday after mounting concerns that Iran is closer to a decision to close the Hormuz Strait. That means more than a two percent increase according to CNN money.

CNBC points that front month WTI crude prices reached a intraday high of nearly $103 a barrel. Technically, February WTI crude futures need to breakout past the most recent high of $103.37 for a drive to $104 and higher.

Brent crude oil prices remain in an upswing as well, hitting a session high of $111.58 per barrel, and a close above $109.59 signals an emerging bull run advance, according to technicians. For Brent crude, the next key level to watch is $112.70, the 200-day moving average report CNBC.

Traders say Iran is the new Libya. Just as civil war in Libya caused crude oil prices to spike to near $115 a barrel in 2011, escalating tensions between the Iran and the West could cause oil prices to reach those levels again early this year. Iran is the world's fourth largest oil producer, with production at 4.245 million barrels daily in 2010, according to the 2011 BP Statistical Review. Full report here (External source).
By Scancomark.se Team


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