Morning Market Roundup: Iran’s Oil, Japan’s Trade Deficit, EU Still Looking for Solution
- Posted on February 20, 2012 at 10:03am by
Becket Adams
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Here’s What’s important in the financial world this morning (U.S. markets are closed for President’s Day):
Iran: Oil prices jumped to a nine-month high above $105 a barrel on Monday after Iran said it halted crude exports to Britain and France in an escalation of a dispute over the Middle Eastern country’s nuclear program.
By early afternoon in Europe, benchmark March crude was up $1.91 to $105.15 per barrel in electronic trading on the New York Mercantile Exchange. Earlier in the day, it rose to $105.21, the highest since May. The contract rose 93 cents to settle at $103.24 per barrel in New York on Friday.
Iran’s oil ministry said Sunday it stopped crude shipments to British and French companies in an apparent pre-emptive blow against the European Union after the bloc imposed sanctions on Iran’s crucial fuel exports. They include a freeze of the country’s central bank assets and an oil embargo set to begin in July.
Japan: Japan posted a record high trade deficit in January after its nuclear crisis shut down nearly all the nation’s reactors for tougher checks, sending fuel imports surging. Exports were hurt by a strong yen and weak demand.
The 1.48 trillion yen ($18.7 billion) deficit reported Monday highlights Japan’s increased dependence on imported fuel after the March 11 earthquake and tsunami sent the Fukushima Dai-ichi nuclear plant into multiple meltdowns.
EU: Eurozone governments are due to sign off on Monday a long-awaited rescue package for Greece, saving it from a potentially calamitous bankruptcy next month, senior officials said.
But finance ministers meeting in Brussels still have a few last issues to wrangle over, such as tighter controls over Greece‘s spending and further cuts to the country’s debt load.
Greece needs to secure the €130 billion ($170 billion) bailout quickly so it can move ahead with a related €100 billion ($130 billion) debt relief deal with private investors, which needs to be in place quickly if Athens is to avoid a disorderly default on a bond repayment on March 20.
“I am of the opinion that today we have to deliver, because we don’t have any more time,” Jean-Claude Juncker, the prime minister of Luxembourg who also chairs the meetings of eurozone finance ministers, said as he arrived in Brussels.
The Associated Press contributed to this report.
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mrtinbender
Posted on February 20, 2012 at 4:14pmgoogle up abiotic oil,,or oil is not a fosssil fuel
Report Post »Darla_K
Posted on February 20, 2012 at 10:45amWe surely need to get a leader in this country that will drill for oil from our own land. This should of been started years ago when Bush first got elected. That was one of the main reasons I voted for him. What a disappointment to have all these resources at our hands only to be kicked aside so we can pay $5.00 a gal. and our president now gives away our tax dollars to Brazil so they can drill. What a idiot.
Report Post »Itsjusttim
Posted on February 20, 2012 at 10:41amI wonder what’s going to happen with that giant giant real estate bubble in China?
Report Post »Freebird
Posted on February 20, 2012 at 10:31amI have a theory about why Obama does not want to drill for oil here in this country. It is because he has traded our natural resources to China in exchange for them to keep buying our debt. There must be some sort of collateral for them when our debt keeps increasing at this alarming rate.
Report Post »Itsjusttim
Posted on February 20, 2012 at 10:34amI don’t know, China did propose getting ownership over some toll-roads in America.
Report Post »The_Jerk
Posted on February 20, 2012 at 10:47amListen, the selling out of America did not start with Obama. Nixon and Kissinger were the first to sell out Taiwan for communism. George H.W. Bush was our ambassador to communist China. Clinton accepted donations from China as he permitted the transfer of our missile and warhead targeting capabilities to communist China. Boy Bush and Obama, the same.
Report Post »Shyster Shylocks are behind the destruction of America for the sake of a one world economy.
hauschild
Posted on February 20, 2012 at 11:30amObama does not want to drill for oil because doing so would continue to keep America on pace to be successful, and operating and existing like it always has, with the productive in this society gaining the most as a result.
This goes against his Marxist inclinations, which is man-made economic justice, not market-driven capitalism. Drilling would mean another huge boom to America and another 20 years of prosperity. That is not going to happen under Obama’s watch. His plan is for the middle class to bleed very slowly, so that after the course of 10-20 years, they are brought down to the level of the unproductive in this society, while still subsidizing the unproductive more than ever.
For Obama, it’s not about moving forward, but retribution.
Report Post »IMCHRISTIAN
Posted on February 20, 2012 at 10:09amThe people of the USA wish they could help you but we have a President that does not believe in us drilling to our potential but would will let Brazil. I pray that all innocent people that would like to work together may do so before long. I will pray for all of the innocent that are being persecuted by dictators.
Report Post »CatB
Posted on February 20, 2012 at 10:33amYes .. things are going according to Obama (Soros) plans. God help us … PRAY!
Report Post »The_Jerk
Posted on February 20, 2012 at 10:34amIt’s not a supply demand problem in America. Demand has been down. Central banks and the money usurers are at the root of collapsing our economy. America must come down and other nations must be brought up in order to have a more smooth transition to the new world order of the Rothschild-Soros-type Shylocks.
Report Post »Americans are ignorant witnesses to this transition.