Futures Market News
Crude oil futures soar after report states Iran exports plunge
Mar 23, 2012 02:46 PM
The price of crude oil futures climbed as much as $3 per barrel on Friday, including a sharp, rapid spike of 2 percent in less than 180 seconds, according to Bloomberg.
The publication attributed the advance of the energy commodity to Reuters reporting exports of crude oil from Iran falling by 300,000 barrels per day, representing a 14 percent reduction. Sanctions levied by Europe and the U.S. against the oil-rich Middle Eastern nation with suspected nuclear weapon aspirations reportedly are taking their toll.
"This is fundamentally very bullish," commodities research head Mike Wittner with Societe Generale in the United States told Reuters. "I think Iranian exports are going to go down much more, as the sanctions bite. It's a logical reaction for the market to go up on this."
At 4:11 p.m. on Friday, crude oil futures rose 1.61 percent, a $1.98 lift to $125.12 per barrel.
Crude oil futures have fallen about 19 cents this week, according to Bloomberg. But, despite the drop, the energy commodity has gained more than 8 percent thus far this year.
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