Oil advances despite Saudi Arabia's promise to increase the output

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Source: BBC
Oil futures soared on Wednesday despite a Saudi Arabia's promise to boost its oil production by 25% to offset any supply shortages caused by Iran's oil import embargo. The major contributors to the oil price surge were weaker US Dollar, instability in North Africa and Middle East as well as persistent tensions between Iran and Western economies. Light, sweet crude oil futures for May delivery traded at 106.64 US Dollars per barrel on the New York Mercantile Exchange, advancing by 0.55%.
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Wed, 21 Mar 2012 18:36:22 GMT

US releases Japan and 10 EU countries from Iran oil imports embargo

The government of the US allowed 10 EU countries and Japan to be excluded from the Iranian oil sanctions as these countries managed to cut Iranian oil imports essentially. The sanctions are aimed at punishing countries that go on purchasing large amounts of Iranian oil. The biggest oil importers as South Korea, China and India were not exempted from the

Wed, 21 Mar 2012 17:47:14 GMT

Wheat futures hit seven-day low amid ample supply

Wheat price was pressured by worries over the excessive global supplies due to improved crop conditions in the US. Wheat futures for delivery in May traded at 6.4038 US Dollars per bushel at the early European session on the New York Mercantile Exchange, tumbling by 0.4%.

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