Sunday, May 20, 2012

Oil rises close to $92 before the most important nuclear Iran talks

Sunday, May 20, 2012
Singapore (AP) - Oil prices rose to $92 per barrel Monday in Asia before the talks this week to avoid a military conflict over Iran's nuclear programme near.

Benchmark oil for June delivery was up 43 cents to $91.90 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell to pay $1.08 to $91.48 in New York on Friday.

Brent crude was up 78 cents to $107.92 per barrel in London July delivery.

Iran will Wednesday with officials from America, United Kingdom, France, Russia, China, and Germany in April in Baghdad to meet first discussions. Investors are concerned that a pre-emptive strike by the Israel or the United States on the nuclear facilities of Iran pinch probably would global crude oil supplies and send prices higher.

Iran have warned world leaders that is abuse of nuclear energy program to develop a nuclear weapon in not acceptable. Iran says that it uranium's enrichment only to create nuclear fuel.

"An important month for international efforts to a diplomatic breakthrough on Iran's nuclear program to achieve, is to expect may" Barclays said in a report.

On Saturday, the Group of eight industrialized nations said they were ready, as sanctions to limit Iran's crude oil exports probably fully in a few weeks to take effect, the oil market guarantee "fully and in a timely manner is delivered".

Crude oil has off earlier this month amid signs of a slowdown in global economic growth slid $106. Oil prices have also fallen, because tensions over Iran's nuclear program since the April meeting between Iran and have eased the six world powers.

In other energy trading, heating oil was 1.8 cents to $2.84 per gallon until 2.4 cents to $2.86 per gallon and gasoline futures gained. Natural gas fell 2.1 cents to $2.72 per 1,000 cubic metres.

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