Oil Rises to $142 on Weak Dollar, Iran Tensions

Oil rose around $2 on Tuesday after the International Energy Agency revived concerns about long-term supply shortages and tension between Israel and Iran raised fears about possible outages in the much nearer term. On Monday, U.S. crude hit an all-time high of $143.67 a barrel in intra-day trade, but later eased, with traders citing evidence high prices were eroding demand, especially in the United States. On Tuesday, the IEA’s medium-term outlook said world oil demand would rise less than previously forecast, but it also said supply would be tighter than anticipated. Speculation has mounted that Israel plans to attack Iran’s nuclear facilities, which Iran says are for purely peaceful purposes, following a big Israeli air force exercise last month.


Leave a comment

No comments yet.

Comments RSS TrackBack Identifier URI

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s