Oil Prices on the Rise

Oil futures for March delivery of light sweet crude hit an intra-day high of $80.51 as investors weighed the impact of a strike at a French refinery and growing concerns over the intentions of Iran’s nuclear program.

“The sentiment is quite bullish at this time because of the refinery strikes in France and the concerns over Iran’s nuclear issues,” said Victor Shum, an analyst at Purvin and Gertz energy consultants.

Source: AFP News

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