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NEW YORK, July 13 (Xinhua) -- Crude prices rose on Friday as supplies tended to be tight on new Iran sanctions and production problems in North Sea.
There was news on Thursday saying that the Obama administration expanded sanctions on Iran, in an effort to pressure the Middle East country to abandon its disputed nuclear program. The geopolitical concerns came back to the center of the oil market.
The U.S. Treasury1 and State Department targeted 11 companies working under Iran's Ministry2 of Defense3 for Armed Forces Logistics and dozens of banks and shipping4 companies that the U.S. believed were attempting to help Iran evade5 an EU oil import embargo6 against Iran.
U.S. official said the new sanctions focused on blocking Iran's efforts to continue exporting oil.
Besides Iran sanctions, the North Sea, important oil field for Europe and the globe, faced some production problems, which also dented7 to the crude supplies.
On the economic front, China's GDP growth rate for the second quarter slowed for a sixth consecutive8 quarter to 7.6 percent. Although it was the weakest pace in more than three years, it still eased concerns among the investors9 about a sharp slowdown in the world second largest economy.
And after the slowdown, investors were hoping that China's government could adopt more stimulus10 policies.
The Reuter's/University of Michigan's consumer sentiment index slipped 1.2 to 72.0 in July. And the U.S. producer price index unexpectedly edged up instead of declining as expected in June.
Light, sweet crude for August delivery rose 1.02 dollars, or 1. 18 percent to settle at 87.10 dollars a barrel on the New York Mercantile Exchange. In London, Brent crude for August delivery also jumped over 1 percent and last traded around 102 dollars a barrel.
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1
treasury
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n.宝库;国库,金库;文库 | |
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2
ministry
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n.(政府的)部;牧师 | |
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3
defense
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n.防御,保卫;[pl.]防务工事;辩护,答辩 | |
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4
shipping
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n.船运(发货,运输,乘船) | |
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5
evade
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vt.逃避,回避;避开,躲避 | |
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6
embargo
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n.禁运(令);vt.对...实行禁运,禁止(通商) | |
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7
dented
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v.使产生凹痕( dent的过去式和过去分词 );损害;伤害;挫伤(信心、名誉等) | |
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8
consecutive
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adj.连续的,联贯的,始终一贯的 | |
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9
investors
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n.投资者,出资者( investor的名词复数 ) | |
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10
stimulus
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n.刺激,刺激物,促进因素,引起兴奋的事物 | |
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