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Oil Caps Longest Rally in Two Years on Iran

Bloomberg -- Oil capped its longest rally since January 2010 as escalating tension with Iran threatens supplies and on signs of a global economic recovery.

Futures advanced above $109 a barrel for the first time in almost 10 months as sanctions against the Persian Gulf nation make it more difficult to sell oil. Iran dismissed UN atomic inspectors’ concerns that nuclear-weapon work is occurring, a document acquired by Bloomberg News showed. U.S., French and South Korean consumer confidence gained, reports showed today.

“Everyone is looking at $110 oil,” said Stephen Schork, president of the Schork Group in Villanova, Pennsylvania. “The tension between Iran and the West has risen to an incredible level. We’re trading on fear that this will deteriorate into a new war in the Middle East.”

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Submitted Feb 25, 2012 By: WxVette

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Eliano Champion Author Baltimore Posts:1,412 Points:388,200 Joined:Jun 2011	Message Posted: Feb 26, 2012 4:31:12 PM Ignore Eliano Report Abuse it really gonna hurt
dsaine Champion Author North Carolina Posts:3,155 Points:660,195 Joined:May 2011	Message Posted: Feb 26, 2012 8:35:05 AM Ignore dsaine Report Abuse Ok
chuckwthompson Champion Author Charlotte Posts:3,895 Points:604,885 Joined:Sep 2011	Message Posted: Feb 26, 2012 4:42:13 AM Ignore chuckwthompson Report Abuse Ya think? What was your first clue Sherlock?
bullman68 All-Star Author St. Louis Posts:599 Points:366,285 Joined:May 2011	Message Posted: Feb 26, 2012 2:43:19 AM Ignore bullman68 Report Abuse F.U.D.
alterman156 Champion Author New York Posts:7,625 Points:1,584,250 Joined:Dec 2008	Message Posted: Feb 26, 2012 1:39:37 AM Ignore alterman156 Report Abuse Speculators being greedy.
TripleHs Champion Author Austin Posts:3,440 Points:941,065 Joined:Oct 2009	Message Posted: Feb 25, 2012 2:20:14 PM Ignore TripleHs Report Abuse speculations
Night Owl Champion Author Toronto Posts:7,690 Points:1,814,900 Joined:Jul 2004	Message Posted: Feb 25, 2012 12:51:59 PM Ignore Night Owl Report Abuse Greedy Wall Street oil speculators are laughing all the way to the bank. Why isn't Pres. Obama stopping this madness?
northeast2 Champion Author New York Posts:3,849 Points:1,007,200 Joined:Mar 2008	Message Posted: Feb 25, 2012 11:34:17 AM Ignore northeast2 Report Abuse Don't you love it when a commodity producer can jack up prices without doing anything more than issuing empty threats?
uglytom Champion Author Florida Posts:7,464 Points:1,542,015 Joined:Jul 2007	Message Posted: Feb 25, 2012 11:26:06 AM Ignore uglytom Report Abuse More natural gas,please!
Lugi1967 Champion Author Ohio Posts:4,916 Points:1,029,460 Joined:Jun 2010	Message Posted: Feb 25, 2012 11:23:10 AM Ignore Lugi1967 Report Abuse When this blows over there will be a lot of speculators holding onto some fat contracts that they will eat
brbaritone Champion Author Virginia Posts:2,145 Points:1,724,100 Joined:Jan 2007	Message Posted: Feb 25, 2012 10:37:46 AM Ignore brbaritone Report Abuse Lots of people making lots of money ... on the backs of the common people. Some things never change.
carolsgym Sophomore Author Maine Posts:193 Points:206,065 Joined:Feb 2011	Message Posted: Feb 25, 2012 10:16:37 AM Ignore carolsgym Report Abuse thank Obama and crongress for the rises
dorisntx Champion Author Fort Worth Posts:2,079 Points:665,755 Joined:Apr 2011	Message Posted: Feb 25, 2012 10:09:21 AM Ignore dorisntx Report Abuse ok
MLB2701 Sophomore Author Medford Posts:205 Points:748,425 Joined:Feb 2011	Message Posted: Feb 25, 2012 9:59:52 AM Ignore MLB2701 Report Abuse Another reason for big oil price gouging
Buckeyee Champion Author Maine Posts:4,772 Points:924,325 Joined:May 2010	Message Posted: Feb 25, 2012 9:59:30 AM Ignore Buckeyee Report Abuse Blame the future traders,& speculators, & the federal government.
grandpadon28110 Champion Author Charlotte Posts:4,856 Points:1,170,010 Joined:Sep 2008	Message Posted: Feb 25, 2012 9:37:46 AM Ignore grandpadon28110 Report Abuse Big oil likes it.