Oil Advances to Highest Level in a Week on Nigerian Strike, Europe Outlook

New York Mercantile Exchange

New York Mercantile Exchange News Oil Advances to Highest Level in a Week on Nigerian Strike, Europe Outlook Oil climbed to the highest level in a week on concern that a strike in Nigeria will curb supplies and as European Central Bank President Mario Draghi said there are some signs the euro-area economy is stabilizing. China Gets Cheaper Iran Oil as U.S. Picks Up Tab for Hormuz Strait Patrols China stands to be the biggest beneficiary of U.S. and European plans for sanctions on Iran’s oil sales in an effort to pressure the regime to abandon its nuclear program. Geithner Gets Japan Backing on Iran Oil U.S. Treasury Secretary Timothy F. Geithner’s efforts to tighten economic sanctions on Iran over its nuclear program won backing from Japan after China rejected limiting oil imports from the country. Heating Oil Gains on Nigerian Strike Concern, Europe Optimism Heating oil advanced as European Central Bank President Mario Draghi said there are signs the euro-area economy is stabilizing and on concern that a strike in Nigeria will reduce crude oil supplies. Nigerian Unions Vow to Paralyze Oil Output Nigerian President Goodluck Jonathan will meet labor leaders in a bid to end a four-day-old nationwide strike against the lifting of fuel subsidies and avert a shutdown of the oil industry, a union leader said. Oil Advances From Lowest This Year on Nigeria Disruptions, Iranian Tension Oil rose from the lowest settlement in almost two weeks in New York on concern that a strike in Nigeria and the threat of sanctions against Iran’s nuclear program will curb crude supplies. Jonathan Bolsters Nigerian Rating in Fight Against Unions Nigerian President Goodluck Jonathan is bolstering the credit rating prospects of Africa’s largest oil producer as he rejects demands from striking workers to reinstate fuel subsidies, Standard & Poor’s said. Oil Rises on Iran, Nigeria; Gold Advances: Commodities at Close The Standard & Poor’s GSCI gauge of 24 commodities rose 0.5 percent to 666.89 as of 5:02 p.m. in Singapore. The UBS Bloomberg CMCI index of 26 raw materials climbed 0.5 percent to 1569.226. Goldman Buoys VimpelCom, Yandex on Economy Bet: Russia Overnight VimpelCom Ltd. and Yandex NV, climbed as Goldman Sachs Group Inc. upgraded the companies on expectations the Russian economy will weather a global slowdown better than other nations with greater exposure to Europe. Oil Gains on Bets Supplies May Be Curbed by Nigeria Strike, Iran Sanctions Oil rose from the lowest close this year in New York on signs that crude supplies may be reduced by a strike in Nigeria and the threat of sanctions on Iran.