Oil Trades Near $100 as Rising US Crude Supplies Counter Iran - BusinessWeek

Jan. 25 (Bloomberg) -- Oil traded near $100 a barrel in New York as signs of rising U.S. crude stockpiles capped gains after a report showed gasoline demand rose last week and Iran criticized a European embargo on its crude.

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Futures were little changed after dropping 0.6 percent yesterday. Inventories increased 7.33 million barrels last week, the biggest gain in four weeks, figures from the American Petroleum Institute showed. U.S. gasoline demand rose for a second week, according to data from MasterCard Inc. The European Union embargo on Iranian oil imports will “bear bitter fruit,” Iran’s Foreign Affairs Ministry said this week. Crude for March delivery was at $99.09 a barrel, up 14 cents, in electronic trading on the New York Mercantile Exchange at 2:48 p.m. Sydney time. The contract yesterday fell 63 cents to $98.95, the lowest since Jan. 20. Front-month prices are 15 percent higher the past year.

Oil Trades Near $100 as Rising US Crude Supplies Counter Iran - BusinessWeek