Loading...
See More

Oil turns mixed in Asian trade

Jan 09 2012 08:47 AFP

Related Articles

West readies oil stocks release

Japan mulls alternative oil supplies

Oil lower amid Iran standoff

Punish Iran, France urges eurozone

Iran nuclear crisis timeline

Iran plans more war games as sanctions bite

 

Singapore - Oil prices were mixed in Asia on Monday as traders weighed concerns the European debt crisis could worsen with tensions over Iran's threat to block a vital oil shipping lane, analysts said.

New York's main contract, West Texas Intermediate crude for delivery in February was down 51 cents to $101.05 in afternoon trade.

Brent North Sea crude for February delivery gained 14c to $113.20.

"Pressures concerning the debt situation in Europe is offsetting the bullish factor of geopolitical tension in the Middle East," said Victor Shum, senior principal at Purvin and Gertz international energy consultants in Singapore.

French and German leaders are set to meet in Berlin on Monday, kicking off a week of high-level talks aimed at laying the groundwork to tame the eurozone crisis.

The talks are being held amid growing strategic differences between the two economic giants over plans to introduce a financial transaction tax in the European Union.

Traders meanwhile are also keeping a close watch on the situation in the Strait of Hormuz in the Middle East and its impact on the flow of oil supplies, analysts said.

Iran has threatened to close the key transit point if the EU slaps a ban on imports of its oil as a part of sanctions aimed at stopping Tehran from developing its nuclear programme.

The country has denied allegations it is building atomic weapons.

"It is understood that Western powers have readied a contingency plan to tap a record volume from emergency reserves to replace nearly all the Gulf oil that would be lost if Iran blocks the Strait of Hormuz," Phillip Futures said in a market commentary.

US Defence Secretary Leon Panetta on Sunday warned that the United States would take action if Tehran tries to close the vital strait.

"I think they need to know that if they take that step that they're going to get stopped," Panetta told CBS television.

iran  |  commodities  |  markets  |  oil
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

New forms of digital technology are changing the very ways in which entrepreneurs run their businesses.
 
 

6 life hacks you simply have to know

A few simple tricks can make your life so much easier!

 
 

For chic geeks...

Device lets disabled people talk through their nose
It’s THIS easy for someone to steal your ATM pin!
This is why you should install iOS 8
17 photo illusions that look so real

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...