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January 3, 2012 10:45 am

Oil Prices Spike As Iran Risk Is “Clearly Rising”

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Bloomgberg- Oil climbed in New York after manufacturing activity in China and India expanded, while concern persisted that further sanctions against Iran may disrupt supply.

Futures gained as much as 2.9 percent on the first trading day of 2012. India’s Purchasing Managers’ Index rose the most in six months in December, HSBC Holdings Plc and Markit Economics said yesterday, and a manufacturing index in China signaled expansion. Iran’s Deputy Navy Commander Rear Admiral Mahmoud Mousavi told Press TV that any effort to harm the nation’s interests will lead to “reciprocal measures.”

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