Crude prices were mixed in Asia today with traders taking profit from an unexpected overnight rally. This follows Iranian sabre-rattling against an European oil embargo supported prices.New York's main contract, light sweet crude for delivery in August shed nine cents to 87.57 dollars a barrel while Brent North Sea crude for August delivery gained 22 cents to 100.90 dollars.Crude traders were reaping a quick profit after a price surge of more than 3 dollars in late New York trade on Tuesday.Full implementation of an EU embargo on Iranian oil, which took effect on Sunday, provoked anger in Tehran, which said the measures would hurt talks with world powers over its contested nuclear activities.Meanwhile, some 120 lawmakers in Iran's 290-seat Parliament backed a draft bill calling for the strategic Strait of Hormuz to be closed to oil tankers headed to Europe in retaliation for the EU embargo.
News On AIR | July 4, 2012 10:10 AM
Mix prices of crude oil in Asia