danierusan111
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Oil Rises on Tropical Storm and Iran Tensions - 2008/07/21 20:17
Good Monday traders! I hope you didn't have problems trying to get up this morning, you know, going to college, to work or directly to the fridge 
Crude oil rose from a six-week low as a tropical storm headed toward the Gulf of Mexico and Iran, the world's fourth-biggest producer, resisted demands to suspend nuclear research.
U.S. forecasters said there is a 29 percent chance Tropical Storm Dolly may strengthen to a hurricane after it enters the Gulf of Mexico. Iran risks ``further isolation'' if it doesn't respond in two weeks to the United Nations offer of economic aid in return for halting uranium enrichment, U.S. officials said July 19.
Crude oil for August delivery rose as much as $3.17, or 2.5 percent, to $132.05 a barrel on the New York Mercantile Exchange. It was at $131.32 at 1:13 p.m. in London.
The contract settled at $128.88 on July 18, the lowest close since June 5. Prices dropped 11 percent last week, the most in more than three years, on signs of slowing global economic growth and faltering U.S. fuel demand.
Iran snubbed Western efforts to get it to suspend nuclear enrichment at talks in Geneva on July 19, setting the stage for new sanctions if the Middle East's second-largest oil producer doesn't respond to an existing proposal within two weeks.
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