US crude futures rise $1.25/bbl on Iran concerns and weak dollar

23 January 2012 21:16  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX light sweet crude (WTI) for March delivery settled at $99.58/bbl on Monday, up $1.25 versus the previous close, in response to an agreement by the EU to phase in an oil embargo on Iran with full implementation by 1 July.

Iran responded by renewing threats to shut down the Strait of Hormuz if sanctions affect its oil exports. The embargo stems from Iran's controversial nuclear development programme.

Short covering in the euro lifted the European currency against the dollar, triggering a rally across various commodities.

WTI established an intra-day high of $100.24/bbl, up $1.91 versus Friday’s close before giving back some of the gains.

ICE Brent for March delivery lagged behind its American counterpart, settling at $110.58/bbl, up 72 cents.

By: Ignacio Sotolongo
+1 713 525 2653

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