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Oil Goes Up After Iranian Forces Blocked Iraqi Well

December 18, 2009 at 19:01 by Vladimir Vyun

Oil price reached the record level in a week after reports that Iranian forces invaded Iraqi territory yesterday and surrounded a well by tanks in a region south of Baghdad. Iraq’s National Security Council will hold a meeting to discuss the situation. Iranian forces crossed the border into Iraq without violent incidents.

Oil price is also aided by stronger equities in the U.S. and Europe. European stocks rose as business confidence in Germany went up.

Oil prices may rise next week on expectation that increasing fuel demand in the U.S. will cut stockpiles. Some analysts forecast that “futures will increase through December 24th, the most bullish response since July”.

January delivery for crude oil added $0.97 (1.3 percent) to $73.62 per barrel by 10:40 on the New York Mercantile Exchange.

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