Oil Advances to 3-Week High - 2012/02/14 20:28Good day, ladies and gentlemen. Oil rose to its highest in more than 3 weeks in NY, reversing earlier declines as concern that tensions with Iran may hinder Middle East exports outweighed debt downgrades for 6 European nations.
Futures rose as much as 0.7%, having dropped as much as 0.5% after Moody's Investors Service cut the credit ratings of nations including Italy and Spain and attached a negative outlook to the United Kingdom and France.
Oil for March delivery on the New York Mercantile Exchange rose as much as 74 cents to $101.65 a barrel, the highest since January 19, and was at $101.40 at 12:20 PM U.K. time. Prices are 20% higher than a year ago.
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