World Oil Prices Rise As Iran Ceases Exports To Britain and France

February 20, 2012
The price of oil on world commodity exchanges was growing Monday morning in the wake of an Iranian announcement that Teheran will soon stop delivering oil to Britain and France in response to European sanctions.

The price of a March futures contract for WTI light sweet crude in electronic trading on Nymex was up $1.79 to $105.03 a barrel by 8:30 Moscow time. The price of a March futures contract for North Sea Brent blend was up $1.52 to $121.10 in London.

The day before, March WTI contracts rose 73 cents to $99.13 a barrel, while March Brent contracts were up 64 cents to $117.51.

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