Oil price rose above $92 a barrel on friday for the first time in New York after the United States accused Iran’s military of supporting terrorism and announced new sanctions on the country that holds the world’s second biggest oil reserves.
” There is nothing out there to stop oil from going to $100,” said Chip Hodge, a managing director at MFC Global Investmen Management in Boston, Who oversees a $4.5bn oil and gas company bond portfolio.
”There are plenty of bullish factors such as the continued dispute between Turkey and Iraq, the new sanctions against Iran and falling inventories”. Crude oil for December delivery rose 74 cents, or 0.8 percent, to $91.20 a barrel at 10:55 a.m on the New York Mercantile Exchange.
Futures climbed to $92.22, the highest since trading began in 1983.