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World

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Oil Jumps To 9-Month High After Iran Cuts Supply

February 20th, 2012 6:37 pm Associated Press

Oil prices jumped to a nine-month high above $105 a barrel on Monday after Iran said it halted crude exports to Britain and France in an escalation of a dispute over the Middle Eastern country’s nuclear program.

By early afternoon in Europe, benchmark March crude was up $1.91 to $105.15 per barrel in electronic trading on the New York Mercantile Exchange. Earlier in the day, it rose to $105.21, the highest since May. The contract rose 93 cents to settle at $103.24 per barrel in New York on Friday.

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  • FranciscoCanales

    The price of oil is due to the devaluation of the Dollar, not to the middle East oil supply. Most of our oil is import from Venezuela, Mexico, Saudi Arabia,Nigeria,Norway, Angola, Algeria, The United Kingdom, Colombia, Canada and Iraq.
    The crisis with Iran is make by the US,England and France and is to take over and control the Iran oil.The largest amount of oil reserves are in the Middle East (727 Billions barrels) and these countries want to steal the reserves from Iran and these Middle east nations, we have Iraq, Libya and now we want the Iran’s oil. We will create the motives to attack Iran and steal their oil, just like we did with Iraq and Libya. Our corrupt government send our soldiers to be kill in foreign countries to benefit the Multinational corporations that will be in control of these natural resources.