Oil Rises to Nine-Month High on Greece, Iran

[xchrom]

http://www.bloomberg.com/news/2012-02-21/oil-rises-to-highest-level-in-nine-months-as-europe-reaches-greek-aid-deal.html

Oil increased to a nine-month high after Greece won a second bailout and Iran said it stopped selling crude to France and Britain.

Futures rose 2.5 percent after the euro-area ministers approved 130 billion euros ($173 billion) in aid for Greece by tapping into European Central Bank profits and coaxing investors into providing debt relief, shielding the region from a default. Iran stopped selling oil to the countries yesterday, preempting a European Union ban, an official news website said.

“There’s a lot of relief about the Greek situation in the market and Iran is making a lot of noises,” said Kyle Cooper, director of research at IAF Advisors, a Houston-based energy consulting company. “The Greek agreement has increased optimism about the economy.”

Crude oil for March delivery gained $2.60 to $105.84 a barrel on the New York Mercantile Exchange, the highest settlement since May 4. Futures have risen 7.1 percent this year. The March contract expired at the close of floor trading.

[russspeakeasy]

1. Get the damn speculators out and the prices on all

commodities would drop.

[Initech]

4. I've been saying that for a while. Fuck speculation trading.

U

[FarCenter]

2. Brent spot is $122.23 / barrel -- the price of imported oil

[lib2DaBone]

3. Let's get that war on....

Gas goes to $10 a gallon... muslims HATE the U.S. even more.. and the oil companies and military profit like never before.

It's the PERFECT Right-Wing wet dream. War and Profit.