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Brent Rises Above $116 on Iran and Cold Snap

Reuters -- Brent crude futures rose above $116 to a six-month high on Tuesday as fresh threats from Iran to ban exports to some European states stoked supply concerns, overshadowing fears that Greece's debt crisis was worsening.

Brent's premium to U.S. oil [CL-LCO1-R Unavailable () ], stayed around $19 a barrel, near its highest since November, as a severe cold wave spread across Europe and as simmering tensions between the West and Iran escalated. But Greece's wrangling over a bailout fund helped cap those gains.

Front-month Brent [LCOC1 Unavailable () ], increased 25 cents to $116.18 a barrel by 0804 GMT, gaining for a sixth straight day. The benchmark earlier touched $116.70, its highest since early August.

U.S. oil [CLC1 Unavailable () ] added 27 cents to $97.1

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Submitted Feb 07, 2012 By: WxVette

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doctorindyj Champion Author Santa Fe Posts:2,249 Points:507,380 Joined:Nov 2009	Message Posted: Feb 7, 2012 10:43:28 AM Ignore doctorindyj Report Abuse Which is it? One's up the other down then vice versa. Supplies are up demand is down but gas is still high. If I want a thrill ride I'll go to Six Flags.
Buckeyee Champion Author Maine Posts:2,412 Points:555,605 Joined:May 2010	Message Posted: Feb 7, 2012 10:23:00 AM Ignore Buckeyee Report Abuse Don't hold your breath on that April report, those speculators are all donating to Obama and the democrats for 4 more years of profits.
humblepie Champion Author Toledo Posts:17,248 Points:2,007,270 Joined:Mar 2006	Message Posted: Feb 7, 2012 10:12:01 AM Ignore humblepie Report Abuse they deserve it, dummys
Night Owl Champion Author Toronto Posts:5,770 Points:1,432,625 Joined:Jul 2004	Message Posted: Feb 7, 2012 10:09:58 AM Ignore Night Owl Report Abuse Excuses, excuses, excuses. Greedy oil speculators are too much. When is President Obama's April 21st task force on high oil and gas prices finally going to report back?
investmentdr Champion Author Cleveland Posts:2,345 Points:1,099,935 Joined:Sep 2008	Message Posted: Feb 7, 2012 9:58:14 AM Ignore investmentdr Report Abuse Joeski1, please elaborate on the significance of the 0.04 factor.
investmentdr Champion Author Cleveland Posts:2,345 Points:1,099,935 Joined:Sep 2008	Message Posted: Feb 7, 2012 9:54:58 AM Ignore investmentdr Report Abuse gasoline spot off -0.5% today
Joeski1 Champion Author New Jersey Posts:7,449 Points:1,377,735 Joined:Dec 2004	Message Posted: Feb 7, 2012 8:47:28 AM Ignore Joeski1 Report Abuse oh my!! 116 times .04 = $4.64 a gallon gasoline...
remay Champion Author Houston Posts:5,212 Points:1,758,145 Joined:May 2006	Message Posted: Feb 7, 2012 8:32:14 AM Ignore remay Report Abuse So WHY is yet ANOTHER snapshot article on the price of oil being allowed??? The same member posted THIS article just before: "Crude Oil Trades Near Six-Week Low on Forecast of Rising U.S. Stockpiles"
MidNJ Champion Author New Jersey Posts:5,463 Points:840,175 Joined:Sep 2009	Message Posted: Feb 7, 2012 8:23:19 AM Ignore MidNJ Report Abuse Interesting: "Crude Drops on Forecast of Rising U.S. Supplies; Brent Premium Exceeds $20 By Ben Sharples and Grant Smith - Feb 7, 2012 8:10 AM GMT-0500"
bar1035 Champion Author Charlotte Posts:6,575 Points:935,120 Joined:Aug 2006	Message Posted: Feb 7, 2012 8:16:50 AM Ignore bar1035 Report Abuse part of the problem with Brent is the north sea is producing less.
brbaritone Champion Author Virginia Posts:1,241 Points:1,364,300 Joined:Jan 2007	Message Posted: Feb 7, 2012 8:14:50 AM Ignore brbaritone Report Abuse Yeah, these excuses are getting old. We need some new excuses.
graceman Champion Author Baltimore Posts:3,741 Points:915,770 Joined:Jun 2008	Message Posted: Feb 7, 2012 8:10:48 AM Ignore graceman Report Abuse What else is new?