Wednesday, December 28, 2011

crude oil prices Forecast december 29 2011

crude oil prices Forecast december 29 2011 : Oil prices hovered near $101 a barrel, as concerns over rising Middle East tensions could disrupt crude supplies were offset by profit-taking following recent gains.

By early afternoon in Europe, benchmark crude for February delivery was down 27 cents to $101.07 a barrel in electronic trading on the New York Mercantile Exchange. The contract rose $1.66 to settle at $101.34 in New York on Tuesday.

In London, Brent crude was down 77 cents to $108.50 a barrel on the ICE Futures exchange. Iran's official news agency IRNA reported Tuesday that Vice President Mohamed Reza Rahimi said his country will close the Strait of Hormuz, cutting off oil exports, if Western nations impose sanctions on Iran's oil shipments. For the latest updates on the stock market, visit Stock Market Today
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