Brent oil near five-month high on Iran

Oil price: Brent price rises on Iran tensions

AP/Scanpix

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News Wires

 07 February 2013 22:38 GMT

Brent crude oil rose to a near five-month high above $117 a barrel on Thursday after Iran rejected calls for direct talks with the United States, while US crude prices fell amid pressure from growing domestic stockpiles in the Midwest.

Brent's premium over West Texas Intermediate crude rose to more than $21 a barrel, the highest this year, after a report said a key refinery in the US Midwest would remain shut for maintenance for longer than previously expected, Reuters reported.

The delayed restart of a 260,000-barrel-per-day crude unit at BP's Whiting, Indiana, refinery will potentially add to the glut of oil at Cushing, Oklahoma, delivery point for the US benchmark, the news wire said.

Brent finished 51 cents higher to settle at $117.24 a barrel, the highest close since mid-September.

US crude dropped…

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