3 Jan 2012:
Crude oil futures surged back above $100 a barrel in Asia today with
the rally in equities and weakness in US dollar and geopolitical
concerns involving Iran. Iran test-fired a surface-to-surface cruise
missile during a drill on Monday — on top of another test over the
weekend — to prove its control over the Strait of Hormuz, a key channel
for crude shipments. Iran's move came after the U.S. imposed new
sanctions on Iran over the weekend.
2 Dec 2011:
WTI Crude oil was lifted towards $101 per barrel yet again in the
electronic moves as the US Senate has unanimously approved economic
sanctions on Iran targeting the country's oil industry, despite warnings
the move could backfire. The measures, passed by 100 votes to nil, would
ban foreign firms from doing business with the Iranian central bank. The
effort to thwart Iran's alleged nuclear ambitions followed new EU
sanctions imposed earlier on Thursday. Meanwhile, diplomats at the
Iranian embassy in London must leave Britain by Friday afternoon. They
were ordered to go after hundreds of Iranian protesters stormed the UK
embassy in Tehran on Tuesday. In recent weeks the US has introduced
sanctions against Iran's financial sector, although it has stopped short
of targeting the central bank outright. WTI Crude oil futures tapped
highs of $101.05 per barrel and currently quote at $101 only, up 80
cents on the day.
18 Oct 2011:
Crude Oil fell on Monday as the European debt crisis lingered
creating tensions among the buyers. Light, sweet crude for November
delivery dropped 42 cents, or 0.48% to settle at $ 86.38 dollars a
barrel on the New York Mercantile Exchange. In London, Brent crude for
December delivery also fell and last traded around $ 110 dollars per
barrel. The November delivery Crude is up by 14 cents in early Asian
trades on Tuesday at $ 86.52 per barrel. The prospects of cold weather
are likely to help Crude trade in the range though selling pressure from
the weak economic sentiments will be a bane. In Japan, government
downgraded its economic assessment for the first time in six months,
citing slowing global growth. The government also downgraded personal
consumption.
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