Saturday, 31 December 2011

Oil Rises on U.S. Consumer Data

Oil prices rose on Tuesday on a report of improved U.S. consumer confidence, an Italian bond auction attracting demand and after an attack by Iranian protesters on two British embassy compounds in Tehran.
U.S. consumer confidence rose from a 2-1/2 year low in November as apprehension about job and income prospects eased, according to a private sector report that boosted oil and equities on Wall Street.
"A combination of the geopolitical risks related to the Iranian situation and the positive U.S. consumer confidence data have boosted oil futures," said Gene McGillian, analyst at Tradition Energy in Stamford, Connecticut.
With tensions over Iran's controversial nuclear program already raising the geopolitical fear premium for oil, Iranian protesters stormed two British Embassy compounds in Tehran in a protest against sanctions imposed by Britain.

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