Tuesday, 01 July 2008
By Christian Schmollinger
ImageJuly 1 (Bloomberg) -- Crude oil rose in New York on concern that Iran, the second-largest producer in the Organization of Petroleum Exporting Countries, may face military attacks over its nuclear program, disrupting Middle East supplies.
Oil climbed above $141 a barrel after U.S. officials urged tighter sanctions on Iran and a military spokesman vowed to keep supplies moving through the Strait of Hormuz. BP Plc, Europe's second-largest oil company, said it's "very disappointed" that many expatriate TNK-BP Holding staff will have to leave Russia following refusal of work visas.
"We're really in the world of geopolitics right now and don't know what can happen," Edward Meir, a commodity analyst with MF Global Ltd. in Stamford, Connecticut, said in an interview with Bloomberg Television. "Demand is really receding quickly, esp
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