[Oil prices spike after Netanyahu speech at UN
Crude oil futures jumped to $91.85 per barrel as Iran nuclear program rhetoric ratchets up]
What the US media reports
[Link 1]
A positive report on the U.S. job market, signs that Spain can meet its deficit-cutting targets and hope the central bank of China will act soon to help that country’s economy contributed to oil’s biggest gain in nearly two months.
and
[Link 2]
Risk appetite improved yesterday on the Spanish budget," analysts at Credit Agricole CIB in Hong Kong said in a market commentary. "With the Spanish budget paving the way for an official bailout request ... renewed concern about the Eurozone crisis has eased."
After three straight days of declines, oil posted gains in Asia on Thursday, helped by expectations the People's Bank of China will soon take more steps to stimulate the world's No. 2 economy. Spain later announced severe budget cuts intended to convince the world that it can meet deficit-reduction targets.
Oil prices also gained support from speculation that Israel was moving closer to military action against Iran's nuclear facilities, after Israeli Prime Minister Benjamin Netanyahu said at the United Nations that Iran would have enough enriched uranium by mid-2013 to build a nuclear bomb.
Higher oil prices,... the hidden we-support-Israel tax on the US consumer....
tnb
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