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The European Union’s threatened boycott of crude oil imports from Iran is likely to have little effect on global oil prices, the Iranian economy, or its controversial nuclear program because the country will be able to find other buyers such as China, analysts said.

The EU agreed the measure in principle on January 4 in the latest effort to persuade Iran to suspend its enrichment of uranium in a nuclear program which Iran says is purely for peaceful domestic purposes but which the UN, US and EU say has aggressive intent. Keep reading →

Fresh hopes for a resumption in Libyan oil supplies may drive world crude oil prices lower in coming months but that won’t begin to happen until the country’s leader Muammar Gadaffi is finally driven from power, analysts said.

Prices for the US benchmark West Texas Intermediate crude oil contract edged higher Tuesday morning after the reappearance of Gadaffi’s son Seif El-Islam before western journalists–despite rebel claims that the dictator’s heir apparent had been captured–indicating that rebels still did not control the capital Tripoli. Keep reading →