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Oil Climbs on Iran & US Inventories

February 16, 2012 at 0:24 by Vladimir Vyun

Crude oil jumped on speculation that Iran halted its exports to the United States and several European countries. Rumors say that Iran stopped exporting oil to France and Netherlands, while warned six other countries of the European Union without cutting exports. Officials of the EU and Iran haven’t responded to the rumors yet.

On top of that, US inventories of crude unexpectedly declined. US stockpiles fell 0.2 million barrels last week, while analysts thought they would increase by 1.8 million barrels.

March futures for delivery of crude oil climbed $0.1 to $101.90 per barrel on NYMEX, following yesterday’s jump by $1.06 to $101.80, the highest price since January 10. Brent crude jumped from $117.40 to $119.90 per barrel on ICE yesterday before closing at $119.04.

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