viewBrent Crude Oil

US crude rallies on Iran tensions, Brent dips as euro zone fears persist


Oil prices in New York rose on supply concerns as France called on other European countries to stop importing oil from Iran, which a report from the International Atomic Energy Agency (IAEA) said may be developing a nuclear weapon.

The Iranian issue is expected to dominate the agenda of the upcoming meeting of EU foreign ministers, who will convene in Brussels on December 1.

Iran, one of the most influential members of the Organization of petroleum Exporting Countries (OPEC), is currently the world’s fifth largest exporter of crude oil and has the world’s third largest oil reserves.

While US benchmark crude was on the rise, Brent crude dropped in London under pressure from persisting concerns over the European debt crisis.

Fears that the situation is spiralling out of control intensified after Italy saw yields on its six month noted jump to 6.5 percent during today’s auction compared to 3.5 percent a month ago, while yields on two year bonds set a new euro era record at 7.83 percent.

The auction followed statements from German Chancellor Angela Merkel, who explicitly rejected the idea of common euro zone bonds.

She has also spoken against broadening the mandate of the European Central Bank (ECB) to make it the lender of last resort for struggling euro zone economies.

US light, sweet crude
for January delivery, currently the most actively traded contract on the New York Mercantile Exchange (NYMEX), climbed US$1.01 to US$97.18/barrel in morning trade in new York.

January Brent crude dropped 27 cents to US$107.49/barrel on the ICE Exchange this afternoon.

Today’s top risers in the oil and gas sector were:

Ascent Resources (LON:AST)
, up 80 percent at 2.97 pence at midday

Petroceltic International (LON:PCI), up 15 percent at 6.89 pence

Mediterranean Oil & Gas (LON:MOG), up 6.5 percent at 6.67 pence

Gold Oil (LON:GOO), up 6 percent at 2.84 pence

Xtract Energy (LON:XTR), up 5.5 percent at 1.95 pence

The top fallers were:

Woburn Energy (LON:WBN), down 14.5 percent at 1.5 pence at midday

Petro Matad (LON:MATD), down 10.5 percent at 19 pence

Oilex (LON:OEX), down 9.5 percent at 14 pence

Europa Oil & Gas (LON:EOG), down 8 percent at 6.1 pence

Gulf Keystone Petroleum (LON:GKP), down 6.5 percent at 157.56 pence

Quick facts: Brent Crude Oil

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