Nov. 30 (Bloomberg) -- Crude oil rose after a British yachtcrew was seized by Iran and a report showed that U.S. businessactivity gained for a second month.
Oil advanced as much as 2.6 percent after the U.K.government said that the boat was stopped by Iranian navalvessels and that the crew members are being held in Iran. TheInstitute for Supply Management-Chicago Inc. said today itsbusiness barometer increased to 56.1, the highest level sinceAugust 2008. Readings above 50 signal expansion. “It looks like this is a knee-jerk reaction to the Iranianseizure of the British racing yacht,” said Stephen Schork ,president of consultant Schork Group Inc. in Villanova,Pennsylvania.
Full Story: Oil Rises as Iran Seizes UK Yacht, Business Activity Gains - Bloomberg
Oil advanced as much as 2.6 percent after the U.K.government said that the boat was stopped by Iranian navalvessels and that the crew members are being held in Iran. TheInstitute for Supply Management-Chicago Inc. said today itsbusiness barometer increased to 56.1, the highest level sinceAugust 2008. Readings above 50 signal expansion. “It looks like this is a knee-jerk reaction to the Iranianseizure of the British racing yacht,” said Stephen Schork ,president of consultant Schork Group Inc. in Villanova,Pennsylvania.
Full Story: Oil Rises as Iran Seizes UK Yacht, Business Activity Gains - Bloomberg
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