Brent steady above $110 on Iran ban; Greece woes weigh
1/24/2012 11:58:20 AM
SINGAPORE: Brent crude held above $110 on Tuesday on supply concerns as some Iranians renewed their threat to block Arab oil from leaving the Gulf, while fears over demand growth stemming from protracted negotiations over Greece's debt capped any gains.
President Barack Obama said the United States would impose more sanctions after the European Union agreed to ban imports of Iranian crude from July. Participants worry that halting purchases may further stoke tensions with the Islamic Republic, boosting prices and hurting a fragile global economy.
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