Oil Prices Rise as Iran-EU Talks End
Oil prices rose Tuesday as Iran dashed hopes of a breakthrough in talks with the European Union about its nuclear program.
EU foreign policy chief Javier Solana met in Brussels on Tuesday with Ali Larijani, Iran's top nuclear negotiator. Afterward, Larijani said talks will be a "long process" and urged patience — quashing hopes that Tehran will meet a Wednesday deadline on a six-nation offer of rewards and incentives in exchange for suspending suspect nuclear activity.
The standoff between Iran, OPEC ‘s # 2 producer, and Western nations has added to nervousness in the oil markets.
Nymex crude oil futures spiked Friday to an intraday record of $75.78, riding anxieties about North Korea ‘s missile tests earlier in the week.
Gasoline futures rose more than 2 cents to $2.1990 a gallon, while heating oil futures rose more than 3 cents to $1.9980 a gallon. Natural gas futures gained 13 cents to $5.740 per 1,000 cubic feet after falling Friday to their lowest level in nearly two years as U.S. supplies in storage ballooned to roughly 30 percent above the five-year average.
Traders will be looking at gasoline demand in this report, and at gasoline stocks. Utilization and crude oil stocks are less compelling, but will still garner interest.
EU foreign policy chief Javier Solana met in Brussels on Tuesday with Ali Larijani, Iran's top nuclear negotiator. Afterward, Larijani said talks will be a "long process" and urged patience — quashing hopes that Tehran will meet a Wednesday deadline on a six-nation offer of rewards and incentives in exchange for suspending suspect nuclear activity.
The standoff between Iran, OPEC ‘s # 2 producer, and Western nations has added to nervousness in the oil markets.
Nymex crude oil futures spiked Friday to an intraday record of $75.78, riding anxieties about North Korea ‘s missile tests earlier in the week.
Gasoline futures rose more than 2 cents to $2.1990 a gallon, while heating oil futures rose more than 3 cents to $1.9980 a gallon. Natural gas futures gained 13 cents to $5.740 per 1,000 cubic feet after falling Friday to their lowest level in nearly two years as U.S. supplies in storage ballooned to roughly 30 percent above the five-year average.
Traders will be looking at gasoline demand in this report, and at gasoline stocks. Utilization and crude oil stocks are less compelling, but will still garner interest.
posted by Ottawa Gas Prices | 8:02 PM
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