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March 5th, 2012 
FAKE NEWS for the Zionist agenda The price hike came on Monday as US President Barack Obama was going to discuss Iran sanctions in his meeting with Israeli Prime Minister Benjamin Netanyahu, heightening uncertainty over Iran’s future oil exports.
Brent crude oil futures for April rose by 83 cents to a high of USD124.48 while US April crude was roughly flat at USD106.65. Earlier in the day, it had been traded as high as 107.29 per barrel.
“The geopolitical risk factor is putting a floor under (the price),” said Michael Hewson, senior market analyst at CMC.
Analysts, however, believe that possible slowdown in China’s economic growth will reduce some pressure on oil supply.
China cut its 2012 growth target to an eight-year low of 7.5 percent from its long-standing annual goal of eight percent, causing a fall in Asian shares and raising questions over oil demand.
“It’s going to take a geopolitical shock to send it [oil price] much above USD125 and it’s really going to take a significant decline in economic activity to send it below USD105,” Hewson added.
On December 31, 2011, Washington imposed tougher sanctions on Iran’s financial and energy sectors seeking to penalize other countries for importing Iranian crude or doing business with its central bank.
The EU followed suit by imposing new sanctions on January 23, banning member states from importing crude oil from Iran or dealing with the country’s central bank.
In response to the sanctions Iran cut oil sales to a number of European countries.
SS/HGH
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