13 Dec '11, 9pm

World oil prices spike

World oil prices spike

NEW YORK: Reports that the Iranian military planned exercises in the Gulf's strategic Strait of Hormuz chokepoint sent oil prices spiking Tuesday. But they also got support from a positive economic sentiment reading on a closely-watched German index, which improved slightly the economic picture for crisis-savaged Europe. One day before the OPEC cartel meets in Vienna to discuss output, the main contract for oil in New York, West Texas Intermediate crude for January delivery, surged to as high as $101.25 before settling at $100.14, up $2.37 from Monday. In London Brent North Sea crude for January hit $111.10 before pulling back to $109.50, up $2.24 from Monday's close. Even though the reports on Iranian navy exercises were later denied the Iranian foreign ministry, with tensions rising between the West and Tehran over its nuclear program, traders were ready to jump at any r...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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