crude oil prices predictions up jan 24 2012

crude Oil prices predictions up jan 24 2012 ; crude Oil is currently trading at 99.83 up almost 1.50 opening at 98.36 but reaching a high 100.23. EU ministers today approved a boycott of Iranian oil to begin immediately. Crude oil had been falling for the past few days, after the rhetoric in the gulf area quieted down.

The european leaders also froze all assets of the Iranian central bank within the EU and banned precious metal trade with the Islamic Republic.

Another commentator noted that the ICE Futures Exchange, Brent oil futures for March delivery climbed 1.27% to trade at USD111.25 a barrel, up USD11.37 on its U.S. Counterpart. This over USD10.00 spread is near historic highs. The two contracts traditionally trade within USD1.00 of each other.

The greenback dropped today against all its trading parters, exhibiting weakness, supported the rise in Crude Oil prices. In a separate statement NATO officials stated that they would not allow the Straits of Hormuz to be closed or blockaded.

Gene McGillian of Tradition Energy explained to Bloomberg, “In the long term, the Chinese and Indians are going to continue buying from Iran, so the embargo is more of a reshuffle of the cards.” Thus giving Iran an confidence.

Iran will most assuredly turn up the rhetoric again, and force Crude prices to continue to climb over the 100.00 mark.(source http://www.fxempire.com ) For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today

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