Will Oil Prices Keep Rising

March 27, 2012 by staff 

Will Oil Prices Keep Rising, Oil prices fell below $107 a barrel on Tuesday in Asia as an agreement between Iran and six world powers to meet next month raised hopes of a negotiated resolution to a dispute over the Middle Eastern country’s nuclear program.

Benchmark oil for May delivery was down 26 cents to $106.77 in electronic trading on the New York Mercantile Exchange. The contract was up 16 cents to settle at $107.03 per barrel in New York on Monday.

Brent crude for May delivery was down 10 cents at $125.55 per barrel in London.

Iran and the six nations – the United States, Britain, France, Germany, Russia and China – have agreed to meet on April 13 for new talks about Tehran’s nuclear program. President Barack Obama said on Sunday that there is still time to resolve the dispute over Iran nuclear program diplomatically, but that the window is closing.

Crude has jumped from $75 in October amid growing concern a military strike by Israel or the US against Iran’s nuclear facilities would disrupt global crude supplies.

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