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Oil Jumps to Nine-Month Record on Greek Bailout & Halt of Iranian Exports

February 21, 2012 at 22:08 by Vladimir Vyun

Crude oil jumped to the highest level in nine months today after Greece received bailout. European finance ministers were meeting yesterday to decide whether to give the indebted country the planned €130 billion rescue package and decided after all that it’s a fair price to keep the eurozone intact. It’s not the end of problems for Europe’s crisis, but at least Europe bought some time to find a way for resolving its debt problems.

Iran continues its nuclear program and the sanctions from Europe persist, resulting in a halt of exports to the United Kingdom and France. The European Union has bought about 18 percent of oil exports from Iran, making it vital for the second biggest OPEC exporter to find other buyers.

March futures for delivery of crude oil surged as much as $2.60 to $105.84 per barrel on NYMEX, the highest price since May 4. Brent crude jumped from $119.91 to $121.06 per barrel as of 22:08 GMT on ICE today, following the advance to 121.88, also the highest since May.

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