Oil below $102 as Iran oil embargo talks falter

[dipsydoodle]

KUALA LUMPUR, Malaysia (AP) — Oil prices hovered above $102 a barrel Wednesday in Asia as the European Union's efforts to block imports of Iranian oil appear to be stalling.

Benchmark crude for February delivery dropped 3 cents to $102.21 a barrel at midday Kuala Lumpur time in electronic trading on the New York Mercantile Exchange. The contract rose 93 cents to settle at $102.24 in New York on Tuesday.

Oil prices rallied Tuesday after China said oil imports grew 6 percent from a year earlier in December. Strong demand for oil in China, the world's second-biggest oil consumer behind the U.S., is a boost to global crude prices.

Tension between Iran and Western powers over Iran's nuclear program has also helped keep crude above $100. However, prices edged down Wednesday after the EU's plan to ban purchases of Iranian oil in hopes of choking off funding for the country's nuclear program were bogged down by issues such as exemptions for existing supply contracts.

http://news.yahoo.com/oil-below-102-iran-oil-embargo-talks-falter-050156996.html

[hobbit709]

1. Ever noticed how when the price of oil drops, the war drums start beating?

[ronnie624]

2. The resources that are wasted trying to dominate the earth's remaining hydrocarbon reserves,

would be better served by providing basic needs to U.S. citizens, tendering positive relationships with other countries and developing alternative sources of energy. Sacrifice will be required, but the long term survival of our civilization is worth it, I think.