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Oil price above US$96 per barrel on Iran concerns
OIL prices rose above US$96 per barrel yesterday as tensions escalated over Iran’s nuclear program and OPEC boosted its demand forecast.
Benchmark crude rose US$1.28 to settle at US$96.80 per barrel on the New York Mercantile Exchange. Benchmark oil hasn’t traded above US$96 in more than three months.
Brent crude rose 44 cents to end the day at US$115 per barrel on the ICE Futures exchange in London.
Prices rose as Iran’s president vowed to press ahead with the country’s nuclear program. The UN nuclear atomic energy agency said yesterday for the first time that Iran is suspected of conducting secret experiments whose sole purpose is the development of nuclear arms.
Meanwhile, the world’s thirst for oil continues to grow. Developing nations in Asia and the Middle East have been importing more barrels as they build factories and their people buy more cars. The Organization of Petroleum Exporting Countries said yesterday that global oil demand should rise to a record 92.9 million barrels per day by 2015. That’s up 1.9 million barrels per day from the
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