Crude prices climb in morning trade

8 February 2010

Written by Bob Brunskill

Crude oil prices were edging towards $72 (£46) a barrel during the electronic trading session of the New York Mercantile Exchange this morning (February 8th).

During the Asian trading session, crude rose alongside heating oil despite mounting concern about a potential eurozone debt crisis.

Speaking to Reuters, Mark Pervan, head of commodity research at Australia & New Zealand Bank, commented: "Geopolitical tension, ongoing financial risks from Greece, Portugal and Spain and further liquidation of speculative long positions will continue to weigh on the oil price in the longer term."

His comments followed a statement from Iran's president Mahmoud Ahmedinejad yesterday calling for the development of higher grade nuclear reactor fuel, a direction which has reignited concerns about the country's nuclear weapons programme.

Germany announced that the pursuance of higher grade fuels would be met with severe and closely targeted sanctions, while many other western nations ramped up a deterrent rhetoric against the country.

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