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09.07.2012 16:40

The price of oil rose for the first time in three days

Oil rose for the first three days since the strike threatened to stop production in Norway, which is the largest exporter of Western Europe.

Futures at 1.4%, as there was likely to disable all the Norwegian offshore platforms for oil and gas, where unions and employers can not solve all of your questions. Also on the rise in prices has affected the information that Iran had conducted military exercises last week and threatened to block the movement of tankers in the Strait of Hormuz in response to the European embargo on oil.

Negotiations between the Norwegian Oil Industry Association, which represents employers, including Statoil ASA (STL) and Exxon Mobil Corp (XOM), ended in failure yesterday. Recall that a Norwegian oil platform produced about 2040000 barrels of oil per day in 2011, representing 2.4% of total world production.

Iranian lawmakers are considering a bill to impose tariffs on ships passing through the Strait of Hormuz, which is a transit point for about 20%. The European Union said that the embargo on Iranian oil came into force on 1 July.

Deputy Prime Minister of Iraq on energy issues, said in his speech that the recent slide in oil prices is unfounded and is caused by extraction of more oil than the market needs.

Oil also rose amid increasing fears of Spain, since the debt crisis in Europe will limit its economic growth and restrain demand for fuel.

The August futures on U.S. light crude oil WTI (Light Sweet Crude Oil) on the NYMEX has grown and now stands at $ 85.48 a barrel.

August futures price for North Sea petroleum mix of mark Brent rose $ 1.10 to $ 99.40 a barrel on the ICE Futures Europe Exchange.


09.07.2012 17:30

European stocks close:

09.07.2012 16:39

US stocks fell

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