Tuesday, July 04, 2006
July 4 (Bloomberg) -- Crude oil traded near an eight-week high in London after Iran rejected U.S. and European demands to suspend nuclear research and U.S. gasoline prices rose on holiday demand.
Western calls for Iran to suspend its uranium enrichment are unreasonable, said Ali Larijani, Iran's chief nuclear negotiator, according to Agence France-Presse. Iran, the world's fourth-largest oil producer, has until July 12 to stop the work or face United Nations sanctions, the Associated Press reported yesterday, citing diplomats it didn't identify.
``I would be surprised if anybody is expecting a resolution'' by that date, said Gerard Burg, a minerals and energy economist with National Australia Bank Ltd. in Melbourne. ``That, combined with the peak demand in the U.S.,'' may be enough to send prices higher. [read more]
