Futures Market News
Final trading session of Q2 sees crude oil futures surge higher
Jun 29, 2012 11:32 AM
Crude oil futures headed up from their lowest value since September of last year on Friday, propelled by conjecture that European Union leaders surpassed the low expectations of them during the Brussels summit as sanctions against oil-rich Iran are set to begin this weekend, according to Bloomberg.
The energy commodity was driving toward gains of 5 percent; the price of crude oil was surging toward the milestone value of $100 per barrel.
"We're about to begin the Iranian oil embargo so we'll start to get a look over time about what the impacts of that are going to be," chief market analyst Ric Spooner with CMC Markets in Sydney told the news source. "It's going to take supply off the market, but the question is to what extent that draws down inventories and affects excess capacity."
At 9:29 a.m. on Friday, crude oil futures gained 4.37 percent, a $3.99 lift to $95.35 per barrel.
As the first half of the year comes to a close, Reuters reports the commodities complex was performing strongly, as was the shared currency of the European Union.
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