Oil Prices Rise
LONDON (Reuters) -- Oil prices rose Tuesday after six straight losing sessions as markets turned attention to Iran's nuclear activities and dwindling gasoline stocks in the United States, which is the top consumer.
Price falls that began on March 30 had gathered pace last week, when Iran released 15 British sailors and marines it had captured, wiping more than $4 off a barrel of U.S. crude.
U.S. crude settled up 38 cents to $61.89 a barrel, after tumbling $2.77, or 4.3 percent on the New York Mercantile Exchange.
London Brent crude was up 83 cents at $67.42, after a $1.65 loss in Monday trade, which was subdued by the Easter holiday.
Iranian President Mahmoud Ahmadinejad said Monday that his country had begun industrial-scale uranium enrichment, which the West fears could be used to make nuclear weapons.
Iran says it wants the fuel for generating electricity, so it can export more of its oil and gas.
2 comments:
Sorry forgot to put up the site where I got this from.... so here it is http://money.cnn.com/2007/04/10/markets/oil.reut/index.htm?postversion=2007041016
Price of oil alway increase.....
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