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New US sanctions on Iran boosts oil

Posted on 07 February 2013

Oil prices have finished nearly flat, rebounding from earlier declines after news that the US had stepped up sanctions on Iran. The cost of a barrel of West Texas Intermediate oil for March delivery on Wednesday ended two US cents lower at $US96.62 on the New York Mercantile Exchange.
In London, the price of a barrel of European benchmark Brent closed at $US116.73, up 21 US cents from Tuesday. US oil prices were down about $US1.60 a barrel early in the session, but largely recovered those losses after the US Treasury Department announced new sanctions targeting Iranian oil revenue………………………………………..Full Article: Source


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