Today.Az » Business » Crude holds close to $63 a barrel as UK/Iran tensions weigh
27 March 2007 [19:44] - Today.Az
Crude-oil futures were lower early Tuesday but held close to $63 a barrel as the U.K. increased pressure on Iran to free 15 navy personnel taken prisoner by armed Iranian forces last week with Prime Minister Tony Blair warning efforts will enter a "different phase" if diplomatic moves fail.
Crude for May delivery was last down 22 cents at $62.69 a barrel on the New York Mercantile Exchange. On Monday, the contract closed at a two-week high as traders cautiously eyed developments in the Persian Gulf. Many experts had expected the incident to be quietly resolved over the weekend. The situation "should continue to keep prices propped up, since if the crisis is not resolved quickly, we could see a rise in shipping and insurance rates if oil-tankers become more hesitant to call on Iraqi oil-export terminals which nestle the Iranian border," said Edward Meir, analyst at Man Financial in a morning note. Other energy futures were mixed. MarketWatch
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