Price of Crude Oil Rises From Six-Week Low
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Crude oil rose from a six-week low in New York on speculation diplomatic tensions with Iran may escalate after the world’s fourth-largest oil producer resisted United Nations demands that it suspend nuclear research.
Iran risks “further isolation” if it doesn’t respond in two weeks to the U.N. offer of economic aid in exchange for a temporary halt in uranium enrichment, American officials said Saturday. Oil also rose after U.S. forecasters said there is a 29% chance a storm approaching Mexico may strengthen to a hurricane after it enters the Gulf of Mexico.
The dispute with Iran “has become a perpetual sticking point in the background of the crude market,” the energy and minerals economist at National Australia Bank in Melbourne, Gerard Burg, said. “What happens if Iran shuts the Straits of Hormuz?”
Crude oil for August delivery rose as much as $1.25, or 1%, to $130.13 a barrel on the New York Mercantile Exchange. It was at $129.78 at 7:50 a.m. in Singapore.