Sunday, January 29, 2006

Great News for Republicans: Crude may rise on Iran fears: survey

NEW YORK: Crude oil, $4 from a record $70.85 a barrel, may rise in New York next week on concern Iran’s resumption of nuclear research will lead to sanctions and cut off supply, a Bloomberg News survey shows.

Thirty-one of 53 analysts surveyed, or 58%, said prices will rise next week. Nine forecast prices will decline and 13 expected little change. Last week, 53% said prices will increase.

Germany, France and Britain called for the UN nuclear watchdog, the International Atomic Energy Agency, to rule against Iran, the world’s fourth-biggest oil producer, and refer the issue to the Security Council for possible sanctions.
The IAEA will discuss the matter on February 2 and 3.

“The Iran affair will come to the fore as a result of the IAEA meeting,’’ said John Kilduff, vice president of risk management at Fimat USA in New York. “We could be squarely on the road to curtailed Iranian oil production as a result, pushing prices up.’’

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