During a volatile session on Friday, largely triggered by tensions with oil-producing Iran and expectations of continued pressure on U.S. petroleum product supplies, oil prices reached a new high for the year, since Dec. 22. Light, sweet crude for April delivery rose to settle on the New York Mercantile Exchange at US$61.14. Brent crude rose to US$60.88.
OPEC's No. 2 supplier Iran, continues to refuse to end uranium enrichment, in defiance of the Security Council. Senior diplomats from the five permanent U.N. Security Council nations and Germany will meet on Monday in London to start work on a new resolution to try to pressure Iran to suspend its uranium enrichment program, which can lead to the production of nuclear weapons.
As per U.S. inventory figures released Thursday, gasoline inventories falling by 3.1 million barrels to 222.1 million barrels, and distillates, which include heating oil and diesel, dropping by 5 million barrels to 128.3 million barrels.
24-Feb-07 
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