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ENERGY TECH
Oil prices surge with Middle East tensions
by Staff Writers
New York (AFP) Feb 23, 2012


World oil prices surged to new nine-month highs on Thursday amid growing tensions over Iran's nuclear program and the Syrian government's deadly crackdown on the opposition.

New York's main contract, West Texas Intermediate (WTI) light sweet crude for April, jumped $1.55 to settle at $107.83 a barrel. It was its highest close since May 4.

In London, Brent North Sea crude for delivery in April added 72 cents to close at $123.62, a peak last seen on May 2..

Sucden analyst Myrto Sokou said the oil market looked "overbought."

"Geopolitical tensions in Iran and Syria continue to remain the main driver amid the uncertain macroeconomic conditions," Sokou said.

"In addition, there are... reports that Japan will seek to decrease imports of Iranian crude by up to 20 percent which should only serve to increase energy costs within the country as the world's third-largest crude importer."

The New York contract gained support from data showing rising business confidence in Germany and a slow but steady improvement in US jobless claims.

The weekly US government energy inventories report showed a surprisingly strong jump in crude oil in the world's largest oil-consuming nation, suggesting slowing demand.

"We are having a very strong finish of the day here," said Matt Smith at Summit Energy.

"Even though the inventories were not bullish at all, we have still seen a rally post the report," he said.

"It has more to do with risk appetite," he said, noting the positive German confidence number and another week of US jobless claims trending lower.

The US Department of Energy said that crude stockpiles jumped by 1.6 million barrels last week, more than three times the amount expected by most analysts.

"This (data) is consistent with beliefs that elevated prices are beginning to hurt demand," said GFT Markets analyst David Morrison.

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Greece eyes Libyan oil after Iran embargo
Athens (AFP) Feb 23, 2012 - Greece said Thursday that Libya could plug the gap in the country's oil supply created by an EU-imposed embargo on Iranian oil, which accounted for about a third of Athens' imports.

"Given that oil production in Libya is climbing back to pre-war levels, Libya is an alternative supply source," foreign ministry spokesman Grigoris Delavekouras told reporters.

Iran has announced it was halting exports to several European countries, in apparent retaliation for an oil embargo that is to come fully into effect July 1 as part of Western sanctions against Tehran's nuclear programme.

Crisis-hit Greece imports around a third of its oil from Iran at very advantageous credit terms. Italy and Spain are also major Iranian oil importers.

Observers fear that any new supplier delivering oil to Greece will be less generous than Iran and could send fuel prices soaring and tempers flaring in the debt-burdened country.

The EU imported some 600,000 barrels of Iranian oil per day in the first 10 months of last year, making it a key market alongside India and China, which has refused to bow to pressure from Washington to dry up Iran's oil revenues.



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ENERGY TECH
Oil prices lower on weak Europe, China data
Singapore (AFP) Feb 23, 2012
Oil prices were lower in Asian trade Thursday, weighed by weak economic data from Europe and China, as well as an increase in US crude stockpiles indicating faltering demand. New York's main contract, light sweet crude for delivery in April, was down 39 cents to $105.89, while Brent North Sea crude for April delivery shed 19 cents to $122.71 in afternoon trade. "Manufacturing data from C ... read more


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