Oil hits highest in 2-1/2 years on Iran tensions, economic data

4 Jan 2018   Prices

Oil prices rose about 2 percent on Wednesday to the highest in 2-1/2 years, with a sixth day of unrest in OPEC member Iran and strong economic data from the United States and Germany spurring buying. Iran’s elite Revolutionary Guards have deployed forces to three provinces to put down anti-government unrest, their commander said on Wednesday. Six days of protests have left 21 people dead. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $61.62 a barrel, up $1.23, or 2.1 at 2:08 p.m. EST, just off the session high of $61.67, highest since June 2015. International benchmark Brent crude futures LCOc1 were up $1.13 or 1.7 percent at $67.71 a barrel after touching $67.84 a barrel, highest since May 2015. “While the Iran tensions are certainly a factor, the slew of remarkably strong economic data today is also forcing the rally,” said John Kilduff, […]

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