Dhaka, Bangladesh (BBN) – Brent crude prices climbed towards US$124 in the last week resulting from continued fears of supply disruptions from Iran.
The week started with rising oil prices as supply risks and tensions over Iran’s nuclear program provided support, however concerns about lower than expected economic growth in China and the United States limited gains.
U.S. President Barack Obama had met Israeli Prime Minister Benjamin Netanyahu in Washington, hoping to convince Israel to give sanctions against Iran with a longer tenor. However, investor worries grew when Israeli Prime Minister Benjamin Netanyahu showed no signs of backing away from possible military action against Iran after the meeting.
The week continued with the upward trend in prices for Brent crude, creating better bargains for oil buyers and fanning interest in riskier trades. Also news that China plans to increase energy imports this year helped pull up oil prices in early trading.
The Brent crude last stood above $124 a barrel on hopes that Greece would avoid a messy default and also promising jobs data from the United States fueled the gain, a weekly market update said.
BBN/SSR/AD-10Mar12-9:40 am (BST)
