Oil prices rose today due to developing news on Europe's fiscal problems.
Demand for crude futures in London and New York received more support after German Chancellor Merkel urged China to reduce its dependence on Iranian oil.
Meanwhile, traders feared Iran could cut off oil and crude supplies to Europe and other major customers. OPEC added fuel to the fire stating that the tensions between Iran and the West could reduce investments in the oil and gas sector.
In an interview with the Dow Jones Newswires, Secretary General of OPEN Abdalla Salem el-Badri said the situation could hurt the economy if it led to a sharp hike in oil prices.
Prices of US light, sweet crude, Brent crude listed on the original article here.
Tuesday, January 31, 2012
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