17 Feb '12, 9pm

Oil price hits nine-month high

NEW YORK: Oil prices struck a nine-month high in New York on Friday, driven by simmering geopolitical tensions over key crude producer Iran and optimism the Greek debt crisis can be resolved, traders said. New York's main contract, West Texas Intermediate (WTI) light sweet crude for delivery in March, rose 93 cents to $103.24 a barrel. In London, Brent North Sea crude for April delivery had hit $120.70 per barrel, its highest point since June 14 before pulling back to settle at $119.58, down 53 cents from Thursday's closing level. "Greater risk appetite in the light of hopes of financial assistance for Greece, coupled with the Iran crisis, have caused Brent to climb to an eight-month high of over $120," said Commerzbank analyst Carsten Fritsch. "Admittedly, Iran has denied reports of an immediate ban on oil shipments to the EU, yet consumers in Europe already appear to be ...

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

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