• SABC shenanigans

    SA has already embarked on a slippery slope to autocracy, warns Terry Bell in Inside Labour.

  • Zim tastes people power

    Protests in Zimbabwe are forcing Mugabe to face anti-government sentiment, says Memory Mataranyika.

  • Platinum handshake

    Officials who try to do what's right risk far more than blessed wrongdoers, says Solly Moeng.

All data is delayed
Loading...
See More

Oil up in Asia on Iranian tensions

Dec 05 2011 07:54
AFP

Singapore - Oil prices rose in Asian trade on Monday after Iran's military reportedly said it had shot down a US drone, while France and Germany prepared for crucial talks aimed at rescuing the euro, analysts said.

New York's main contract, light sweet crude for delivery in January, was up 47 cents to $101.43 a barrel in the afternoon.

Brent North Sea crude for January delivery rose 57c to $110.51.

"Crude prices rose... boosted by heightened geopolitical tensions over Iran," Phillip Futures said in a report.

Tehran's military said it shot down a US Army drone inside its territory near the Afghan and Pakistani borders on Sunday and threatened retaliation for the incursion, Iranian media reported.

A newspaper also quoted the head of Iran's parliamentary economic commission as warning that oil prices would soar to $250 a barrel if the United States and European Union enacted a new set of sanctions against the country.

However, traders were cautious ahead of a meeting between the leaders of France and Germany with a plan to put an end to the region's crisis on the agenda, Phillip Futures said.

"Today, Chancellor Angela Merkel and French President Nicolas Sarkozy will hold talks in Paris in an attempt to bridge differences on a crisis resolution," it stated.

"Going forth, the European Union summit in Brussels on December 9 will be watched closely for the latest development (in the) eurozone debt crisis."

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
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

THE SAVINGS ISSUE

Saving can make a lot of things possible, but we all know how hard it is to save. This special Savings Issue will help you get focused.
 

Money Clinic

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

Voting Booth

Sarb's decision to keep the repo rate unchanged is:

Previous results · Suggest a vote

Loading...