Sept. 26 - Crude oil rose for the first time in three days after President Barack Obama said Iran, the world s fourth-biggest oil producer, is building a new nuclear fuel plant and is breaking rules that other nations follow.
Oil reversed direction after Obama said that the U.S., U.K. and France were given detailed evidence that Iran has been constructing a covert uranium facility for several years. Prices also rose after a report showed that confidence among U.S. consumers climbed in September as the economy started to pull out of the worst recession since the Great Depression.
The revelation increases the odds that there will be broad-based sanctions against Iran, said Bill O Grady, chief market strategist at Confluence Investment Management in St. Louis. It may be less bullish than it first appears because if coordinated action is taken, there s an increased chance that the conflict may be resolved peacefully.
Crude for November delivery increased 13 cents to settle at $66.02 a barrel at 2:47 p.m. on the New York Mercantile Exchange. Futures touched $65.05 earlier today, the lowest intraday price since July 31. The November contract fell 8.9 percent this week.
Brent crude for November settlement rose 29 cents, or 0.4 percent, to end the session at $65.11 a barrel on the London- based ICE Futures Europe exchange. Prices dropped to $64.08 today, the lowest since July 17.
Oil reversed direction after Obama said that the U.S., U.K. and France were given detailed evidence that Iran has been constructing a covert uranium facility for several years. Prices also rose after a report showed that confidence among U.S. consumers climbed in September as the economy started to pull out of the worst recession since the Great Depression.
The revelation increases the odds that there will be broad-based sanctions against Iran, said Bill O Grady, chief market strategist at Confluence Investment Management in St. Louis. It may be less bullish than it first appears because if coordinated action is taken, there s an increased chance that the conflict may be resolved peacefully.
Crude for November delivery increased 13 cents to settle at $66.02 a barrel at 2:47 p.m. on the New York Mercantile Exchange. Futures touched $65.05 earlier today, the lowest intraday price since July 31. The November contract fell 8.9 percent this week.
Brent crude for November settlement rose 29 cents, or 0.4 percent, to end the session at $65.11 a barrel on the London- based ICE Futures Europe exchange. Prices dropped to $64.08 today, the lowest since July 17.
