Oil price waver on Persian Gulf supply concerns |
| The Associated Press - Jan 27, 2012 |
Oil prices moved in a narrow range Friday as Iran prepared to consider a ban on crude sales to European Union countries.
Iranian leaders are scheduled to debate the ban Sunday in response to EU plans to embargo Iran's oil by summer because of that country's nuclear program. Investors worry that any ban could cause supply disruptions.
Benchmark oil fell 26 cents $99.44 per barrel in afternoon trading after climbing as high as $100.63 per barrel earlier in the session. Brent crude rose 34 cents to $111.13 per barrel.
EU countries account for about 18 percent of Iran's oil exports. Analysts believe any shortfall in Europe could be made up by other countries. If it stops selling oil to Europe, Iran should find takers in Asia. China is its biggest oil customer.
The U.S. doesn't buy Iranian oil, but has approved sanctions on Iran's banks to make it harder for Iran to sell crude anywhere.
Read Full Article from The Associated Press
- Posted: 2012-01-27 12:44:55
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