BLBG:Oil Erases Drop as Iran Tension Counters Concern Global Economy to Falter
Oil traded near the highest level in nine months as speculation that tension with Iran will disrupt supplies countered concern a faltering economy will curb demand.
Oil for April delivery was at $106.31, up 6 cents, in electronic trading on the New York Mercantile Exchange at 4:54 p.m. Sydney time. Prices earlier dropped as much as 54 cents. Front-month futures advanced 2.5 percent yesterday to settle at the highest level since May 4.
U.S. floor trading was closed on Feb. 20 because of the Presidents’ Day holiday and trades were booked with yesterday’s transactions.
To contact the editor responsible for this story: Paul Gordon at pgordon6@bloomberg.net
