Crude Oil Rises

A009017242.jpg TEHRAN (FNA) Crude oil rose after Iran said there is no need for the Organization of Petroleum Exporting Countries to increase supply at its Feb. 1 meeting.

OPEC’s second-largest oil producer sees no need for the exporting group to pump more, especially after the recent crude price decline, Oil Minister Gholam Hossein Nozari was quoted as saying today by the ministry’s official news service, Shana.

Crude oil for February delivery rose as much as 65 cents, or 0.7 percent, to $91.49 a barrel in after-hours electronic trading on the New York Mercantile Exchange. It was at $91.19 at 10:38 a.m. in London, a Bloomberg report said.

Brent crude for March settlement traded at $89.91, 41 cents higher, on London’s ICE Futures Europe exchange at 10:29 a.m. in London. It fell $1.32, or 1.5 percent, to $89.50 yesterday.

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