SAN FRANCISCO (MarketWatch) — U.S. crude-oil futures topped $100 a barrel Tuesday, spurred by higher equity markets, a weaker dollar, and lingering geopolitical concerns surrounding Iran.
Crude-oil futures for February delivery /quotes/zigman/2203132 CL2G +3.76% rose $3.45, or 3.5%, to $102.26 a barrel on the New York Mercantile Exchange. The contract traded as high as $102.30 a barrel earlier.
Crude ended the year with a gain of 8.2% for 2011, with the last trading days dominated by fears around Iran’s military exercises and threats to close the Strait of Hormuz, crossroads of the oil trading.
“As worries remain that further sanctions against Iran by Western nations may disrupt supplies, an undercurrent of support for prices remains,” said Matt Smith, an analyst with Summit Energy, in a note to clients.
Tuesday, January 3, 2012
Crude tops $100/barrel a barrel on stocks, Iran - Futures Movers - MarketWatch
via marketwatch.com
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