NYMEX Crude Falls on Likely Delay of EU Embargo
Up)
NYMEX Crude tapped almost 103 a barrel this afternoon, but has since fallen into negative territory. It's currently trading at 99.50, down 1.37 (-1.36%).
Reports that the EU (European Union) embargo on imports of Iranian oil could be delayed by up to six months. According to EU officials, this would allow Italy, Greece and Spain a duration to find alternative supplies.
Although, issues in Italy could lead to that country being exempt, so oil could be sold to pay debts to ENI SpA (NYSE: E) off.
NOTE - The three countries, Italy, Spain, and Greece, account for ~68.5% of EU imports from Iran (in 2010).
Also, the U.K., Germany and France have been pushing for an embargo to increase pressure on Iran reagarding its nuclear program
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Reports that the EU (European Union) embargo on imports of Iranian oil could be delayed by up to six months. According to EU officials, this would allow Italy, Greece and Spain a duration to find alternative supplies.
Although, issues in Italy could lead to that country being exempt, so oil could be sold to pay debts to ENI SpA (NYSE: E) off.
NOTE - The three countries, Italy, Spain, and Greece, account for ~68.5% of EU imports from Iran (in 2010).
Also, the U.K., Germany and France have been pushing for an embargo to increase pressure on Iran reagarding its nuclear program
Get immediate access to market moving news and alerts with StreetInsider.com Premium - FREE TRIAL!
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