Oil prices rise above US$101 on renewed tensions on Iran’s oil supplies and Greece approves spending cuts

Crude oil prices crossed the US$100 threshold as tensions about Iran’s oil supplies rekindled after some shipping companies mulled to stop loading Iranian crude onto tankers amid pending US and European sanctions against Iran. Greek lawmakers have approved deep spending cuts needed to get more bailout money and avoid default on its massive debt, that could hurt Europe’s economy and cut demand for oil. Crude in New York rose by over two dollars to US$100.9., while Brent crude settled at US$117.3 in London.
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