Crude prices rise on Iran-Iraq tension

11:25, December 19, 2009      

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Crude prices rose on Friday after reports said two major oil producers -- Iran and Iraq -- are in tension.

Iraq's Deputy Foreign Minister Mohammed Haj Mahmoud said Iranian soldiers surrounded a well in the al-Fakkah oil field, one of the largest oil fields in the country.

Although some reports said the Iranians have left the region but the issue brought nervousness in the market.

Colder than normal weather in the U.S. Northeast, the biggest heating oil market in the world, also helped support prices.

Light, sweet crude for February delivery was up 34 cents to 74.42 U.S. dollars a barrel on the New York Mercantile Exchange.

In London, Brent crude for February delivery rose 38 cents to 73.75 dollars a barrel on the ICE Futures exchange.

Source: Xinhua
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