Oil prices rise

February 25th, 2012 - 2:58 pm ICT by IANS  

New York, Feb 25 (IANS) Crude oil prices rose Friday after a confidential report of the UN nuclear watchdog showed expansion of Iran’s uranium enrichment program.The International Atomic Energy Agency (IAEA) report increased worries about more confrontation between Iran and the West, Xinhua reported.

Light, sweet crude for April delivery gained $1.94, or 1. 80 percent to settle at $109.77 a barrel on the New York Mercantile Exchange. For this week, it soared $6.53, or 6.33 percent.

In London, Brent crude for April delivery also rose and last traded around $125 a barrel, heading to a weekly gain of more than 6 percent.

The US and Europe have imposed harsh sanctions on Iran. Japan, world’s third largest oil importer, may cut Iranian crude imports by 20 percent under pressure from the US.

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