02/08/2008

Crude oil rallied

Crude oil rallied more than $4 a barrel after speculation by Israeli Deputy Prime Minister Shaul Mofaz that Iran is on a path toward a ``major breakthrough'' in its nuclear program.

The comments by Mofaz, seen as one of the candidates for Israeli prime minister after Ehud Olmert said he wouldn't run for re-election, fueled speculation that the U.S. or Israel may attack Iran, OPEC's second-biggest oil producer.
Oil Rises $4 on Israeli Comments About Iranian Nuclear Program …

Crude oil for September delivery rose $4.10, or 3.4 percent, to $128.26 a barrel at 10:22 a.m. on the New York Mercantile Exchange.

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