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Crude oil prices rebound on Iran worries and reduced US stockpiles

Published: 00:57 28 Sep 2012 AEST

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Tensions in the Middle East remain the primary driver in the Crude oil market as traders anticipate possible supply disruptions from the key oil producing region.

Brent futures gained around $1.35 to trade above $111.5 a barrel in London this afternoon, while US light sweet crude traded at above $91 a barrel.

This comes as the row between Iran and Israel is reportedly escalating, with Israeli Prime Minister Benjamin Netanyahu expected to threaten Iran with military action if it does not halt is nuclear programme.

There were also reports this afternoon that an oil pipeline was blown up in Syria amid a worsening of the conflict in the troubled North African country.

Elsewhere, in the United States, the demand picture brightened somewhat as this week’s Energy Department report showed that American crude oil stockpiles reduced by 2.45 million barrels. 

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