Brent crude climbed to near $124 on Monday, rebounding from a drop of 2 percent the previous session as another refiner announced cuts to Iranian imports, feeding fears of a supply crunch as the West presses ahead with sanctions on Tehran.
Relief that China's 2012 growth target came in as expected at 7.5 percent reassured investors that the country would continue to propel steady demand for oil, while a delay of up to four more days in restarting Enbridge Inc's oil pipeline system in the U.S. Midwest also provided support.
As sanctions against the world's fifth largest oil exporter Iran over its nuclear programme make trade in its oil more difficult, its biggest customers including China, Japan and India are reducing imports from Tehran, even as Middle East supply risks remain.
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