Crude oil prices rise on Iran-related fears

February 3, 2006 23:45


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Oil prices rose Friday on the possibility that the International Atomic Energy Agency will refer Iran to the UN Security Council over its nuclear program. Price gains were limited, though, as the United States has said it is not now seeking sanctions against Iran, OPEC's second-largest oil producer. The IAEA board adjourned until Saturday morning without reaching a consensus. Light, sweet crude for March delivery rose 69 cents to $65.37 a barrel on the New York Mercantile Exchange, after sinking to as low as $63.95 earlier in the day. The contract had dropped $1.88 a barrel on Thursday.

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