Business | Oil & Gas
Brent rises on Iran uncertainty
Brent crude prices rose a second straight day on Friday
- Reuters
- Published: 00:00 January 29, 2012
New York: Brent crude prices rose a second straight day on Friday as Iran's upcoming parliamentary vote on halting exports to the European Union kept supply uncertainty in focus and another US refinery problem helped send gasoline futures surging.
Brent and US crude posted weekly gains, but US prices ended the day lower, pressured by data showing that the US economy grew by only a 2.8 per cent annual rate in the fourth quarter.
While that was its fastest pace in one and a half years, it was less than the 3.0 per cent expected, and the forecast miss weighed on US equities.
US gasoline futures jumped to their highest since late August on news that Conoco-Phillips shut a gasoline-making unit at its Bayway refinery in New Jersey to repair a mechanical problem.
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