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Oil continued its fourth weekly gain on concern that the conflict in the Middle East will cause disruptions in the supply and after German Chancellor Angela Merkel said that Germany is ready to assist the Greek government in the fight against the economic crisis. She also said she wanted Greece to remain in the Eurozone.
Prices added, after Israeli Prime Minister Benjamin Netanyahu said that "the latest reports on Iran's nuclear program is further proof that he intended to create nuclear weapons. Just yesterday we received additional evidence that Iran is making rapid strides to develop nuclear weapons while ignoring the requirements of the international community. Iran has installed hundreds of new centrifuges at Fordow mountain in recent months, which could accelerate the production of nuclear fuel "
Traders are also concerned by the situation in respect of Tropical Storm Isaac, which may cause temporary disruptions in oil production. It is expected that he will show his strength on Sunday evening or Monday morning.
October futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) on the NYMEX is now $ 96.84 per barrel.
October futures price of North Sea Brent crude oil mix is now $ 114.84 a barrel on the ICE Futures Europe Exchange.
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