Inflationary Demand: Oil prices at nine-month high

New York’s main contract rose 93 cents to $103.24 a barrel.

NEW YORK: Oil prices struck a nine-month high in New York Friday, driven by simmering geopolitical tensions over key crude producer Iran and optimism the Greek debt crisis can be resolved, traders said. New York’s main contract, West Texas Intermediate light sweet crude for delivery in March, rose 93 cents to $103.24 a barrel. “Greater risk appetite in the light of hopes of financial assistance for Greece, coupled with the Iran crisis, have caused Brent to climb to an eight-month high of over $120,” said Commerzbank analyst Carsten Fritsch.

Published in The Express Tribune, February 19^th, 2012.