Home > World News > Oil extends gains as EU bans Iranian crude

Oil extends gains as EU bans Iranian crude

U.S. crude futures extended gains in early Asian trade on Tuesday due to concerns over supply after the European Union agreed to ban imports of Iranian crude, while Tehran threatened again to close the Strait of Hormuz.

U.S. March crude rose 17 cents to $99.75 a barrel by 0032 GMT. It settled $1.25 higher in the previous session, closing above the front-month 50-day moving average of $99.13 and touching an intraday high of $100.24.
FUNDAMENTALS
* Iran accused Europeans on Monday of waging “psychological warfare” after the EU banned imports of Iranian oil, and U.S. President Barack Obama said Washington would impose more sanctions to address the “serious threat presented by Iran’s nuclear program.”
* Euro zone finance ministers on Monday rejected as insufficient an offer made by private bondholders to help restructure Greece’s debts, sending negotiators back to the drawing board and raising the threat of Greek default.
* Fighters loyal to Libya’s overthrown leader Muammar Gaddafi took control of a town south-east of the capital on Monday, flying their green flags in defiance of the country’s fragile new government.
* The United States on Monday sought to tighten the financial screws on Iran by imposing sanctions on the country’s third-largest bank for allegedly helping Tehran develop its nuclear program.
* Saudi Arabia has promised Spain that it will make up for supplies of oil its loses as a result of EU sanctions on Iran and at the same price, Spain’s foreign minister said on Monday.
MARKETS NEWS
* The euro retreated from a three-week peak against the dollar in Asia on Tuesday and looked vulnerable to extending its pullback after talks to reduce Greece’s debt burden suffered a setback.
* U.S. stocks finished almost flat on Monday as investors took a break from a recent rally, awaiting earnings from bellwethers such as Apple later in the week.
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