Oil Increases a Sixth Day as Iran Nuclear Work Poses Supply Risk
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Oil rose for a sixth day in New York on speculation that Iran’s nuclear plans threaten Middle East stability and Europe’s debt crisis will be easier to resolve as the Italian prime minister offers to step down.
Futures advanced as much as 0.5 percent, matching the longest streak in a year. The U.S. may pursue additional sanctions against Iran following the release of a United Nations report that concludes the Islamic Republic is working on a nuclear weapon, according to two U.S. officials. Fuel stockpiles fell last week, the industry-funded American Petroleum Institute said yesterday.